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REPORT OF THE RECONSTRUCTION FINANCE
CORPORATION, DECEMBER 1939

I

,ETTER FROM THE CHAIRMAN, RECONSTRUCTION FINANCE
CORPORATION, TRANSMITTING A REPORT OF TH)J;j~~'.r~VITIES
AND EXPENDITURES FOR THE MONTH OF DECEMBER ;'·l93Q~ F""I"'
THE RECONSTRUCTION FINANCE CORPORATION,
ST ATE- '•"
1
, MENT OF THE CONDITION OF THE CORPORATION AS Of] Tl;l~
CLOSE OF BUSINESS DEC. 31, 1939
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llBRUARY

rhe

. . ..

2, 1940.-Referred to the Committee on Banking and Currency and
ordered to be printed

RECONSTRUCTION FINANCE CORPORATION,

Washington, February 1, 1940.
SPEAKER OF THE HousE OF REPRESENTATIVES.

~ S1R:

Pursuant to the provisions of section 201 (b), title II, of the
Cmergency Relief and Construction Act of 1932, the Reconstruction
~ance Corporation submits this report of its activities and expendipres for the month of December 1939. The report includes statei1ent of loans and other authorizations made during the month, showpg the name, amount, and rate of interest or dividend in each case;
~ tement of cash receipts and expenditures during the month; and
, atement of condition as of the close of business December 31, 1939.

'

ACTIVITES AND EXPENDITURES, DECEMBER 1939

· Loan and other authorizations made during December 1939, as
~own in table l, and the number of formal applications for loans,
· ., received at the Washington office of the Corporation during
ecember 1939, were as follows:
· Under section 5 of the Reconstruction Finance Corporation Act, as
· ended, six authorizations, aggregating $14,685,000, and increases,
gregating $34,079.64, in loans approved prior to December 1, 1939,
ere made, making a total of $14,719,079.64. Of this amount
32,540.95 was authorized to aid in the reorganization or liquidation
closed banks and trust companies; $36,.538.69 to mortgage loan com. nies; and $14,250,000 to purchase securities of railroads (consisting oi
' ,000,000 equipment trust certificates of a railroad and $5,250,000
uipment trust certificates of railroads and of their receivers or truss). Seven formal applications ,vere received, as follows: One to ni<l
►

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t

207929-40-1

,.

-~

.,....

2

RECONSTRUCTION FINANCE CORPORATION, DECEMBER 1939

in the reorganization or liquidation of a closed bank; one from a building
and loan association; one fr6m a mortgage loan company; and four
from railroads.
Under section 5d of the Reconstruction Finance Corporation. Act
as amended, a total of $1,946,269.06 was authorized to business enterprises, as follo,vs: 50 loans, aggregating $1,146,690.30 (including
$27,833.30 of participations to be. sold), and increases, aggregatin~
$17,300.43 (including $400 of a participation sold), in loans approvec
prior to December 1, 1939; 4 purchases of participations, aggregatin~
$185,700; 17 agreements to purchase participations, aggregating
$296,578.33, and 1 agreement to purchase a participation in tlu
amount of $300,000 in a loan of $400,000 to be sold (such loan, in thE
amount of $400,000, was authorized in November 1939 and includeo
in the report for that month). One hundred forty-four formal a.pp]ications were received.
· Under section 5d of the Reconstruction Finance Corporation Act:
as amended, two authorizations, aggregating $210,000, and an increa.sE
in the amount of $30,000 in a loan approved prior to December 1_
1939, were made, 1naking a total of $240,000, to public agencies tc
aid in financing projects authorized under Federal, State, or municipa:
law. Nine formal applications were received.
Under section 201 (c), t;,atle II, of the Emergency Relief and Construction Act of 1932, there was an increase in the amount of $16,180.4{
in revolving credits authorized prior to December 1, 1939, for financ~"'1.g exports of agricultural surplus(ls by reason of a repayment ir
connection with such revolving credits. One formal application w~~
received.
Under ~(3ction 36 of the Emergency Farm 1\1:ortgage Act of 1933, a~
a;rnended, 12 loans to drainage, levee, irrigation, and similar districts
aggregating $1,021,210.37, were authorized. No formal applicationf
were received.
Under section 304, title III, of the act approved l\farch 9, 1933, af
amended, subscriptions for preferred stock of three banks and trus1
companies, aggregating $22.5,000, were authorized. Five forma:
applications ,vere received.
Under section 14 of the act approved June 19, 1934, as amended
a mining loan in the a1nount of $200,000 was authorized. No forma:
applications were received.
In cases where authorizations 1nade prior to December 1, 1939, werE
increased during the month of December, the amounts of such increases are listed in table 1 as authorizations made during December
In cases of authorizations in December, the proceeds of the disbursements of ·which ,vere to be used, in part, to retire outstanding balanceE
of authorizations made in previous months, the amounts in excess oj
such outstanding balances are listed in table 1 as authorizationE
during December.
Loans, etc., authorized prior to December 1, 1939, which werE
withdrawn or canceled in full during December 1939, no part of thE
proceeds being disbursed, aggregated $2,850,274.47. These · withdrawals or cancelations are listed in table 2, because the authoriza•
tions to make such loans, etc., were included in previous monthl)
reports.
'

THE LIBRARY OF THE

194J)

RECONSTRUCTION FINANCE CORPORATION, DECEl\M&k t39
UNfVERSITY OF ILLINOJS

Loans, etc., authorized prior to Decen1ber 1, 1939, which were
ithdrawn or canceled in part during December 1939, aggregated
2,544,501.74. These withdrawals or cancelations are listed in table
, because the authorizations to make such loans, etc., were included
1 previous monthly reports.
The Corporation sold $300,000 series P notes, and $13,000,000
eries Q-2 notes; and redeemed and canceled $14,000,000 series Q-2
.otes.
Purs~ant to the provisions of the act approved February 24, 1938,
lie Secretary of the Treasury canceled the Corporation's series Q- 2
.o tes to the extent of $1,073,500, such amount being equal to disursements by the Corporation during the month for allocations to
ther governmental agencies.
As of December 31, 1939, there were oustanding $1,106,955,445.50
if the Corporation's notes, as follows:
Series
Series
Series
Series
Series

N __________________________ ____ __ ____
p ______________________________ ____ _

Q-2 ________________________________ _
R--------------------------------- - S ________________ - __ -· - __ ______ - __ - __

$211, 460,0CO. 00
298,639,000.00
10,898,445.50
310,090,000.00
275,868,000.00

TotaL _ _ _ __ __ ___ ___ __ __ _ ___ __ __ ___ _ _ 1, 106, 955, 445. 50

Under the Emergency Appropriation Act, fiscal year 1935, approved
r-µne 19, 1934, and the Public Works Administration Extension Act,
•f 1937, approved June 29, 1937, the Corporation during December
.939 a·g reed to purchase $385;000 net face amount of marketable
ecurities from .the Public Works Adn1inistration, Federal Works
lgency (formerly Federal Emergency ~i\dministration of Public
Works), and canceled $5,925,000 face amount of a commitment
>reviously made. From June 19, 1934, to December 31, 1939,
pclusive, securities having par value of $659,275,048.90 were purthased from the Administration. Of this amount, securities having
-ar value of $483,698,520.72 were sold at a premium of $13 ,753,550
~eluding securities having a par value of $65,040,674.30 sold to
~suers prior to maturity at a premium of $374,140.64). Securities
~aving par value of $147,072,281.82 were held at the close of business
pecember 31, 1939. In addition, the Corporation had agreed to
~urchas~, _to be ~eld and collected or sold at a la.ter date, such part
tf secur1t1es having an aggregate par value of $16,406,000 as the
~dministration is in a position to deliver from time to time.
: Under section 4, title I, of the National Housing· Act approved
ne 27 , 1934, $1,000,000 was disbursed to the Federal Housing
dministrator. This made a total of $77,.546,074.55 so disbursed
rough December 31, 1939.
Effective December 18, 1939, the Corporation reestablished its
an agency at Seattle, Wash. The Corporation's custodian at
attle, Wash., the activities of which were transferred to the custodian
Portland, Oreg. (effective at the close of Nove1nber 20, 1937), was
stablished, effective December 18, 1939.
The following tables are attached as a part of this report:
1

able 1. Statement of loan and other authorizat;ons during DecEmber 1939.
able 2. Statement of loans, etc., authorized prior to December 1, 1939, whieh
were withdrawn or canceled in full during Dece1nhcr 1939, no part of the pro- ceeds being disbursed.

4

RECONSTRUCTION FINANCE CORPORATION, DECEMBER 1939

Table 3. Statement of loans, etc., authorized prior to December 1, 1939, which,
were withdrawn or canceled in part during December 1939.
.
Table 4. Statement of cash receipts and expenditures during December 1939.
(Corporation's accounts with Treasurer of United St.ates),
Table 5. Statement of condition as of the close of business December 31, 1939.

Respectfully,

Chairman.

EMIL ScHRAM,

TABLE

I .-Statement of loan and other a uthor-izations d u,ring December 1939.

AU'l'HORIZA'I'IONS UNDER SEC. 5 OF THE RECONSTRUCTION FINANCE CORPORA•r
TION ACT, AS AMENDED
·
BANKS AND TRUST COMPA;',lES
·- ·-

State and C'ity

Amount
authorized

Name
I

I
New York: Yonkers ____ ____ ! Westchester Trust Co. (receiver) _______________ ___

1

Rate of
interest
(percent)
24

$400,000.00

.ACCOUNTING ADJUSTMENTS IN DECEMBER 1939, RESULTINr. IN INCREASES IN LOANS TO BANKS AND TRUST
COMPANIES

Louisiana: Lafayette __ ______ Commercial Bank of Lafayette & Trust Co.,
(receiver).
Michigan: Saginaw _________ Pe0ples American State Bank (receiver)____ ______ __

$32,028.45

512. 50
t4
I======!====;:'!
Grand total , banks and trust companies _____________ .__ _____ _____ _________
432, 540. 95 ______ .;, -Jr
MORTGAGE LOAN COMPANIES

St.ate and city

Name

Amount

Rate of
interest,
(per- .

(cent) ·
Arkansas: Pine Bluff __ ___ __ Kimber Mortgage Co__________________________ ___
w·ashington: Tacoma _____ __ Amsco Corporation ____________ ________________ ___
Total ____ __ ________ ___ ----------- ------ ----------- -- ----------------------

1 $20,000.00
1

15, 000.00

1-----35,000.00

84l i

8 4'

_______ J

ACCOUNTING ADJUSTMENT IN DECEMBER 1939, RESULTING IN AN INCREASE IN A LOAN TO .A MORTGAGE LOA1C 1
COMPANY

•I

,vashington: Seattle ___ ____ _J Segregated Assets Corporation _________ . __________

t

Grand total, mortgage loan companies __ __ ______ ____ ____ ____________ ____ ___

:i 4 ~

$1,538.69
36,538. 69

-- --- --- 1

-·
RAlLROADS

-

State and eity

Amount
authorized

Name

Rate of
dividend
(percent)

- New York: New York ____ __ The New York Central R.R. Co __ ___ _______ _____
Ohio: Cleveland ___________ _ Erie R.R. Co. and its trustees __ __ ___ __ ___ ~------Virginia: Norfolk ___ . ______ . Seaboard Air Line Ry. Co. and its receivers ____ ___
Total. railroads _______________________ . _______ . _________ . ___________________

4

2½

$9, 000, 000. 00
3, 000, 000. 00
2, 250, 000. 00

2½

4
I 4

3

14,250,000.00 , - - --- - - '

Grand total, authorizations under se<'. 5, as amended _______________ ~ ___ _: ____

14, 719.079.64

··•

------~-:
;

See footnotes at end of table.

'

.

.

RECONSTRUCTION FINANCE CORPORATION, DECEMBER 1939
ABLE

5

!.-Statement of loan and other authorizations dur1'.ng December 1989-Con.
AUTHORIZATIONS TO BUSINESS ENTERPRISES
[Under sec. 5d of the Reconstruction Finance Corporation Act, as amended]
LOANS

State and city

Name

Rate of
interest 5
(percent)

Amount
authorized

-----:kansas:
Eudora ________________ _
Lonoke ________________ _
Portland _______________ _
uifornia: Los Angeles ____ _
)lorado:
Golden ________________ _
Trinidad ______________ _
.orida:
Bunnell _______________ _
Crestview _____________ _
Fort Myers ____________ _

William Bass ____________________________________ _
S.S. Glover _________________________________ _____ _
W. W. Rogers ____________________________________ _
Albert J. Laher, doing business as Laher's Body
& Fender Supply.

Total _________________ ---------------------------------------------------~ee footnotes at end of table.

5
5
5
5

3,000.00
6,000.00

5
5

1,000.00
2,200.00
t 9,000.00

5

I

Lester V. Rae ____________________________________ _
The Messer Lumber Co. (a co partnership) _______ _

Mr. and Mrs. Nelson E. Challe __________________ _
Champion Sprayer Co ___________________________ _
Nelson M. Hough doing business in the name of
Dixie Pontiac Co.
Jacksonville ___________ _ Haydon Burns, Inc ______________________________ _
Do ________________ _ Luther A. Williams ______________________________ _
Orlando _______________ _ Maynard Ackley, Inc ____________________________ _
eorgia:
Forsyth _______________ _ Charles B. Aycock, doing business as Aycock
Motor Co., and J. H. Pierson & Co.
Lyerly _________________ _ Liberty Hosiery Mills, Inc ______________________ _
Rome __________________ _ W. E. Dellinger, doing business as Dellinger
Spread Co.
laho: Post Falls __________ _ N. R. Wollan ____________________________________ _
1diana: Morocco __________ _ A. M. Skinner doing business as A. M. Skinner
Co.
iwa: Redfield _____________ _ Riverside Ice & Refrigeration Co. (a: copartnership).
:ansas: Concordia _________ _ V. B. Curl, doing business as Concordia Monument Co.
:entucky:
Hartford _______________ _ Guernsey Ice Cream & Milk Co _________________ _
Louisville ______________ _ J.P. Karem _____________________________________ _
ouisiana: New Orleans ___ _ Higgins Industries, Inc __________________________ _
[assachusetts: Swansea ___ _ Swansea Print Works, Inc. (a corporation to be
organized).
[ichigan: Detroit_ ________ _ The Warner Aircraft Corporation ________________ .
[innesota: St. PauL ______ _ Northern Jobbing Co ____________________________ _
[issouri: St. Louis ________ _ Atlas Enameling Co. Inc _________________________ _
·e braska: Herman ________ _ Kenneth D. Freeman ____________________________ _
·ew Jersey:
Fairlawn ______________ _ Wagaraw Builders' Supply Co ___________________ _
Orange ________________ _ Orange Roller Bearing Co., Inc _____________ _____ _
·ew York:
Carthage ______________ _ Carthage Machine Co ___ . ________________________ .
Flushing _______________ _ North Shore Bus Co., Inc ________________________ _
New Rochelle _________ _ Individual Laundry Service Corporation _________ _
New York _____________ _ Aircraft Hardware Manufacturing Co., Inc ______ _
·o rth Carolina:
Monroe ________________ _ Griffin Implement Co ____________________________ _
· Spindale _______________ _ Spencer Mills, Inc ___ _______ _____________________ _
klahoma: Clinton ________ _ W. E. Brasel and Iona C. Brasel (copartners),
doing business as Dresswell Cleaners.
ennsylvania: Stroudsburg_ Kistler Vinegar Co., Inc _________________________ _
t?Xa~:
Dimmitt _______________ _ Sheffy Implement Co. (a coprtrtner~hip) __________ _
Stanton ________________ _ J. L. Hall ________________________________________ _
rashing ton:
Seattle _________________ _ Hans T. \Vest ad _________________________________ _
Spokane _______________ _ E.W. Landry ___________________________________ _
risconsin: Manitowor ____ _ J. A. Behnke, doing business as National Lumber
Co.

$2,642.00
5,000.00
I 5,000.00
I 2,000.00

I

I
1

5

I
I

5

t 1,200.00

575. 00
12,050.00

5
5
5

1

10,000.00

5

I

10,000.00
10,000, 00

5

2,750.00
20,000.00

5
5

14,000.00

5

2,000.00

5

I

5,250.00
1,000.00
1 6 22, 500. 00
110,000.00

5

1

5
5

I

l
I

l

I

5

5

25,000.00
150, 000. 00
5,500.00
1 1,850.00

5
5

1 5,000.00
100, 000. 00

5

I i 20, 000. 00
I 200, 000. 00
I 26,000.00
I 15,000.00

5
5
5

I

l

1

5
5

5

5

I 1/), 000. 00
1 7 135, 000. 00
l 4,500.00

5
5

15,000.00

5

l

I

t
I

l
I

4,000.00
3,000.00
1. 000. 00
2,500.00
2,500.00

5

I

.5
5

5
5
5

968,017.001--------

6

RECONSTRUCTION FINANCE CORPORATION, DECEMBER 1939

TABLE

1.-Statement of loan and other authorizat-ion.s during December 1939-Con".
AUTHORIZATIONS TO BUSINESS ENTERPRISES-Continued
1939,

RESULTING IN INCREASES IN LOANS TO RUSINE88
ENTERPRISES

ACCOUNTING ADJUSTMENTS IN DECEM'BER

State and city

Name

Rate
ofinterest •
(percent)

Amount

Alabama: Arab _____________
California: San Francisco __ _
Florida: Fort Pierce. ________
Mfr:higBn: Detroit_ _____ __ __
Montana: Red Lodge ___ ___
New York: New York _____

J.E. Oliver and Foster Oliver___ _____ _____________
Tri-Pak Gun Kit, Inc_ ________ _________________ ___
East Coast Lumber & Supply Co_____________ ____
Graham Paige J\tfotors Corporation ______________ __
Red Lodge Canning Co __ _________________ ________
Kornel C. Berger, trading under the names of
Berger :Machine Co. and Rex Metal Products Co.
Do __ _______ ___ __ ________ Schlegel Lithographing Corporation_______ __ __ ____
Washington: Raymond ____ M. 0. Garner, doing business as Garner's Market.

$3f.0.OO
1100.00
1 1,015.43

S
6

1

10,000.00

1

1.125.00
1 100.00

1

·&
&
S
I

500.00
5
100. 00
5
===== ==I====
Grand total, loans to business enterprises under sec. fid, as amended _______
981,317. 43
1

I

PURCHASES OF PARTICil'ATlONS

Location of borrower

Name of borrower

Name of participating bank or
other lending institution

Reconstruction Fi•
Amount of nance
CorReconstruc- poration Finance tion's
Corporaintertion's par- est
rate
ticipation
to borrower 1
(percent)

- - - - - - - - - - - - - --- --------- --------------- - ------- ---Massachusetts: Wor- Arrade Malleal:,le Iron Gardner Trust Co., Gardner,
cester.
Co.
Mass.
Minnesota: Winona __ _ Schuler Candy Co ____ __ The First National Bank of
Winona. Winona, Minn.
New York: New York_ James McWilliams Blue Hudson County National
Bank, Jersey City , N. J.
Line. Inc.
Oklahoma: Selman ____ Matt Roetker __ ________ _ Oklahoma State B:mk, Buffalo, Okla
1

I

$52, 500. 00

5

11,700.00

5

1

000. 00

5

1,500.00

5

I 8 120,
1

Total, purchases of participations under seC'. 5d, as amended ________________ _

185,700.00

AGREEMENTS TO P URCHASE PARTICIPATIONS

IRecon-·

Location of borrower

Name of borrower

Name of participating bank or
other lending institution

Amount of
Reconstruction Finance
Corporation's agreement to participate

struc- ·
tion Finance I
Corporation 's
interest rat.e
to borrower•
(per-

cent)
-

·-- - - - - - -- --

-

- - - - - - - - - --

-- ----- -

Arizona: Miami_ ______ Ceferino Liano ______ ___ _ The Valley National Bank of
Phoenix, Phoenix, Ariz.
Arkansas: Mount Ida __ Gilbert Smith Construc- The First National Bank of
tion Co., Inc.
Fort Smith, Fort Smith,
Ark.
California: Stockton __ _ Joaquin Potteries ______ _ The First National Bank of
Stockton, Stockton, Calif.
Idaho: Moscow __ ______ The Moscow Hospital The I daho First National
Bank of Boise (Moscow
Association, Inc.
branch), Moscow, I daho.
Michigan: Detroit_ ____ N icolay-Dancey, Inc ___ _ Commonwealth Bank, D etroit, Mich.
See footnotes at end of table.

-

- - --

-

1 $3,000.00
120,000.00
110,000.00
140,000. 00
1

11,250. 00

---1

RECONSTRUCTION FINANCE CORPORATION, DECElHBER 1939
ABLE

7

!.-Statement of loan and other authorizations during December 1939-Con.
AUTHORIZATIONS TO BUSINESS ENTERPRISES-Continued
AGREEMENTS TO PURCHASE PARTICIPATIONS-Continued

Location of borrower

Name of borrower

Reconstruction FiAmount of nance
CorReconstruc- poration Finance tion's
Corporaintertion's par- est
rate
ticipation
to borrower a
(percent)

Name of participating bank or
other lending institution

---------- ------------·--- - - - - - - - - - - - - - - - -------- - - - [issouri: Kansas City_ Elko Photo Finishing
Co.
ew York: East Ro- Pyramid Process Co.,
Inc.
chester.
rorth Dakota: Fargo __ Northern Radio & Appliance Co. (a copartnership).
1hio:
Cincinnati_ ________ John Fischer and Louise
Fischer, doing business as Fischer's Bakery.
Hamilton __________ The Western States
Machine Co.
lregon: Hillsboro ______ Haley Canning Co. (a
partner&hip composed
of Lester B. Haley and
Warren G. Haley).
~ennsylvania:
Roscoe _____________ Citizens ·water Co. of
Roscoe.
Scranton.__________ Sterilized Soda ,v ater
Co.

Columbia National Bank of
Kansas City, Kansas City,
Mo.
Union Trust Co. of Rochester,
Rochester, N. Y.
The First National Bank &
Trust Co. of Fargo, Fargo,
N. Dak.

I

The Fifth Third Union Trust
Co., Cincinnati, Ohio.

$23, 120. 00

5

12,500.00

5

2,500.00

5

1D

105,000.00

5

I

25,000.00

5

I

4,000.00

5

l

5,500.00

5

I

8,625.00

5

I

4,833.33

5

10,000.00

5

14,500.00

5

6,750.00

5

I

I

The First National Bank &
Trust Co. of Hamilton,
Hamilton, Ohio.
The Commercial National
Bank of Hillsboro, Hillsboro,
Oreg.
Charleroi Savings & Trust
Co., Charleroi Pa.
Third National Bank & Trust
Co. of Scranton, Scranton,
Pa.
Citizens Bank & Trust Co.,
Carthage, Tenn.

rennessee: Carthage___ Smith County Locker
Storage Co.
IVashington:
Farmington________ Farmers Warehouse Co. Seattle-First National Bank,
Spokane, ·wash. ·
of Farmington.
Seattle_____________ Sverre Jangaard ________ _ The National Bank of Commerce of Seattle (Grays
Harbor branrh), Aberdeen,
Wash.
South Bend ________ R. P. Arkley, doing Bank of Aberdeen, Aberdeen,
business as American
Wash.
Lumber & Shingle Co.

I

I

Total, agreements to purchase participations under sec. 5d, as amended _____ _
AGREEMENT

Location of borrower

TO PL'RCHASE PARTICIPATION IN LOAN TO

Name of borrower

BE SOLD

Loan to be sold to-

..ichigan: Detroit_._ F. L. Jacobs Co. ________ National Bank of Detroit,
Detroit, Mich.

See footnotes at end of table.

29-6,578.33 --------

Amount of Reconstruction
Finanee Corporation's
agreement to
purchase partiripation in
loan to be sold

Reconstruction
Finance
Corporation's
interest
rate to
borrower 6
(prrcent)

$300, 000. 00

5

l IO

TABLE

1.-Statement of loan and other authorizations during December 1939-Continued

'X:

AUTHORIZATIONS TO BUSINESS ENTERPRISES-Contin ued
~

SALES OF PARTICIPATIONS

I

Location of borrower

Name of borrower

Amount authorized by
. t·
R ~cons t 1uc
10n
Fmanc~ Corporat1on

t::J

I
A~o~nt _of
parti_cipatrnn
retamed by
Reconstruction Finance
Corporation

Reconstruction
Finance
Corporat· , .
10n s mterest
rate to
borrower 5
(percent)

0
0

z

Sale of participation authorized to-

Amount authorized to
be sold

rn

H
~

d

0

f-3
H

0
Georgia: Fairburn __________
Minnesota: Becker_ ___ ____ __
New York:
Bethpage, Long Island __
New York ________ __ ____

1\. F. Smith Chevrolet Co., Inc _____ __

Otto E. Anderson _________________ __ __

C. W. Lauman & Co., Inc ________ ____
Sam Rothman and Seymour Hurwitt,
doing business as Conroe Press.
Do ____ __ ____ ____ __ __ , Triumph Dress, Inc __ __ __ ___ ___ __ _____

Texas: Vernon ___ __________ _ Vernon Packing Co., a corporation to
be organized to acquire the busmess
and assets of Vernon Meat Co. (a
partnership), Vernon, Tex.
Washington: Grant Or- Hiland Warehouse Co., Inc ___ __ _____ _
chards.
West Virginia: Fairmont_ ___ ! Helmick Foundry-Machine Co ______ _
Total _________________ , ________ __ ___ _________________ ________ __

1

1 $840. 00
1 2,500.00

$490. 00
1,250.00

10, ooo. oo

8, ooo. oo

1 11 1,333.30

1,000.00

I

5
5

Fairburn Banking Co., Fairburn, Ga _________ ___ ___
Citizens State Bank of Big Lake, Big Lake, Minn __ _

$350.00
1,250.00

5

Bank of Hicksville, Hicksville, N. Y ____ ____ _______ _
The Merchants Bank of New York, New York,
N.Y.
The National Safety Bank & Trust Co. of New
York, New York, N. Y.
The Waggoner National Bank of Vernon, Vernon,
Tex.

2,000.00
333.30

5

4, ooo. oo

3, 600. oo I

5

1 125, ooo. oo

112, 500. oo I

5

1

400.00
12,500.00

z
~
H

z
>
z
0
t:i:j

C
0

~

12, 000.00

9,000. 00

5 I Wilson Creek State Bank, Ephrata, Wash ________ __

3,000.00

123,000.00

15,000.00

5 I Miners & Merchant;; Bank, Thomas, W. Va ________

8,000.00

178,673.30

150, 840. 00.

1

27,833. 30

MO
0
~

>
H
H

0

z

REINSTATEMENT IN DECEMBER 1939 OF A SALE OF PARTICIPATION PREVIOUSLY WITHDRAWN OR CANCELED IN PART

Michigan: Detroit_ _________ ! Malooly & Azar Co. (a copartnership)_
Grand total, sales of participations under sec. 5d, as amended __
Grand
authorizations
to business enterprises under sec.
5d, astotal,
amended
__________________________
____________________

$4,000.00

$3,600. 00

182,673.30

154,440.00

1,946,269.06

~

t:i:j

Commonwealth Bank, Detroit, Mich ______ _______ __

$400.00

-- -------- ---- ---------------------------------- ---------- ------

28,233.30

5

---- -------- -- ---- ---- -- ---- -- ---- ------ ---------- ------ ------------------ -- -- --------------

0

~

~

t;o
t:i:j
~

t-,J.

See footnotes at end of table.

!
-.... ,

....

9

RECONSTRUCTION FINANCE CORPORATION, DECEl\fBER 1939
ABLE

1.-Statement of loan and other authorizations during December 1939-Con.

AUTHORIZATIONS TO PUBLIC AGENCIES TO AID IN FINANCING PROJECTS
AUTHORIZED UNDER FEDERAL, STATE, OR MUNICIPAL LA"\\·
[Under sec. 5d of the Reconstruction Finance Corporntion Act, as amended]

Amount
authorized

Name

State

Rate of
interest
(percent)

--~izona ___ _. ____ The city of Mesa . ___ _______ _______ __ ________ ____ __ ___________ _
:ississippi _. _. _ City of Gulfport ____ _. ________________ ________ ____ ____ _____ __ _
:ontana _______ City of Havre _____ __ ____ ___________ ___________ ___________ ____ _

1 $35, 000. 00
1 12 30,000.00
1 6 175,000.00

Total, authorizations to public agencies to aid in financing projects authorized under Federal, State, or municipal law.

4
4
6

240,000.00 - -- --- --

JCREASE IN AUTHORIZATION PREVIOUSLY MADE FOR FINANCING EXPORTATION
OF COTTON, BY REASON OF REPAYMENT IN CONNECTION WITH REVOLVING
CREDITS 1a
[Under sec. 201 (c), title II, of the Emergency Relief and Construction Act of 1932]

State and city

Name

Amount
authorized

·ew York : New York _____ The Cotton Export Corporation __________________

Rate of
interest
(percent)
4

$16,180.46

LOANS TO DRAINAGE, LEVEE, IRRIGATION, AND SIMILAR DISTRICTS

[Under sec. 3fi of the Emergency Farm Mortgage Act of 1933, as amended]

State

Name

Amount
authorized

Rate of
interest
(percent)

Anderson-Cottonwood irrigation district ______________________ 1 6 $339, 000. 00
4
James irrigation district ___ _---------------- - -- ---------------1 6 20, 263. 57
4
1 193,500.00
Provident irrigation district --- - ---------- - -- --- --------------4
Reclamation district No. 830 --- - - - -- - - --- - -- - -- - --- - -- -- - -- - -640,000.00
4
1 79,936.53
Iona drainage district. ____ _- - --- ---- - - -- -- - -- -- --- -------- - - - 4
1 712,246.52
The Lake Worth drainage district, Palm Beach County, Fla __ __
4
1 7 11. 500. 00
North St. Lucie River drainage district __ ____ ____________ _____
4
I 7 6.5. 75
Drainage district No. 2 of the county of Boundary, in the State
4
of Idaho.
Do ________ __ Oakley Canal Co ___ _______ _----- ------ - - -- --- -- - -- ---- - ----- -- I 6 212,500.00
4
llinois____ ______ England Pond drainagP distr ict of the county of Lawrence and
161,000. 00
4
State of Illinois.
1 6 lfi, 198. 00
4
(issourL __ . ____ Little River drainage distric t ____ ______ ___ ___ __ ___ _______ ______
(ontana _______ Bi11ings Bench Water Assoc iation -------- - ~--- - --- ---- - -- ---- 1 6 166, 000. 00
4
Total, loans to drainage, levee, irrigation, and similar districts ____ _____ ____ ___ 1,021,210.37 ---- ----

laHfornia_______
Do __________
Do __________
Do ___ _______
1orida ___ . _____
Do_________ _
Do __________
uho_____ ____ _

SUBSCRIPTIONS FOR PREFERRED STOCK OF BANKS AND TRUST COMPANIES
[Under sec. 304. title III, of the act approved Mar. 9, 1933, as amended]

State and city

Name

lew York: Great Neck . ____ Great N eek Trust Co ___ __________ ____ -·- ______ - _-_
►hio: Vermilion ____ _______ _ The Erie County United Bank ____________ ___ ____
outh Carolina: Summer- A new State bank proposed to be organized under
ton.
the Jaws of the State of South Carolina and under
the title of Bank of Summerton, or under such
other title as may be approved by the State
board of bank control, or its duly authorized
agent.
Total, subscriptions for preferred stock of banks and trust companies ... - -. - -

See footnotes at end of table.

Amount
authorized

1

Rate of
dividend
(percent)

$150, 000. 00
I 60,000. 00
I ]5, 000. 00

143½

225,000.00

--------

14

3½

14 3~2

10

RECONSTRUCTION FINANCE CORPORATION, DECE1\1BER 1939

TABLE

1.-Statement of loan and other a1,dhorizations during December 1939-Con., ,

LOAN TO A BORROWER ENGAGED IN THE MINING, MILLING, OR SMELTING OF ORES .
[Under sec. 14 of the act approved June 19, 1934, as amended]

State and dty

Name

CaJifornia: San Francisco ___ Gold Hill Dredging Co ________ ________ ____________
Grand total, table 1_ _______ ______________________ _ ____ _ ___________________ _

Amount autborized

16

$200, 000. 00

18, 367, 739. 53

Rate of
interest
(percent)
15

6

--------

No part of this amount had been disbursed up to Dec. 31, 1939, inclusive.
Rate of interest in each case reduced to 3 percent upon compliance by borrower with the conditions under
which such reduced rate is granted.
3 Rate of interest in each case reduced to 3½ percent upon compliance by borrower with the conditions under which such reduced rate is granted.
4 Purchase of equipment trust certificates.
5 Rate of interest reduced to 4 percent to Mar. 31, 1942, inclusive, upon compliance by borrower with
the conditions under which such reduced rate is granted.
6 Loan previously authorized was rescinded in full as shown in table 2, and new loan authorized as shown
above.
7 Loan previously authorized was res('inded in part as shown in table~, and new loan authorized as shown
above.
s Agreement to purchase participation previously authorized was rescinded in full as shown in table 2,
and purchase of participation authorized as shown above.
g Agreement to purchase participation previously authorized was rescinded in fuJl as shown in table 2,
and new ag:reement to purchase participation authorized as shown above.
10 Prior to Dec. I, 1939, the Corporation authorized a loan in the amount of $400,000 to the above borrower. During- December 1939 the Corporation authorized the sale of the entire loan to the National Bank
of Detroit, Detroit, Mich., upon disbursement of the entire amount of the loan, and authorized an agreement
to purchase a participation as shown above.
11 Sale of participation previously authorized was rescinded in part as shown in table 3, and new sale of
participation authorized as shown above.
12 Loan previously authorized was rescinded in full as shown in table 2, and new authorization approved as
shown above.
13 During October 1939 the Corporation established short-time revolving credits tp to $!5,000,000 to the
Cotton Export Corporation, to aid in financing the exportation of cotton for domestic use to countries not
engaged in hostilities, as shown in the monthly report for October. This authorization was eligible under
sec. 201 (c) of Emergency Relief and Construction Act of 1932, and/or under sec. 5d of Reconstruction Finance Corporation Act, as amended: but for statistical purposes it is being included in authorizations under
sec. 201 (c). The Corporation has agreed to par:icipate with banks under thi8 authorization and, of the
$5,000,000 authorized, $4,.500,000 represents the amount of the Corporation's agreement to participate.
14 Rate in each case 3½ percent to Jan. 31, 1940, inclusive, and 4 percent thereafter; but reduced to 3 percent ,
upon compliance by bank or trust company with the conditions under which such reduced rate is granted.
16 Rate of interest reduced to 5 percent upon compliance by borrower with the conditions under which
such reduced rate is granted.
,
1

2

I

..J

'

I

I

'i

·I

RECONSTRUCTION FINANCE CORPORATION, DECEl\fBER 1939

11

2.-Stat~ment of loans, etc., authorized prior to Dec. 1, 1939, which were
withdrawn or canceled infull during December 1939, no part of the proceeds being
disbursed

ABLE

)ANS UNDER SEC. 5 OF THE RECONSTRUCTION FINANCE CORPORATION ACT,
AS AMENDED
BANKS AND TRUST COMPANIES

Amount
withdrawn
or canceled

Name

State and city

inois: Chicago _____________ South Side Savings Bank & Trust Co. (receiver) _________ __ _
mnsylvania: Tower City__ The Tower City National Bank (receiver) ______ ____ __ __ ___ _

$24, 717.21
8,000.00

Total, banks and trust companies __________________ _________ __ ___________ -.- _________ _

32,717. 21

LIFE INSURANCE COMPANY

I

[issouri: St. Louis __________ Central States Lile Insurance Co.___ ________ ____ _____ _____

-I

$400, 000. 00

AUTHORIZATIONS TO BUSINESS ENTERPRISES
[Under sec. 5d of the Reconstruction Finance Corporation Act, as amended]
LOANS

Amount
withdrawn
or canceled

Name

State and city

I

~~tg~
{;g~~g~~xo\~~ ~~siness -as young's Dei)endable~~~~
~:::I
Edgar L ee Duke ____ ______ . ____ _________ _________ ___ _______ _

rkansas: Little Rock ______ _
lorida: Tampa ____________ _
feorgia: Fort Valley _______ _
llinois: Rockford __________ _
,ouisiana: New Orleans ____ _
[icbigan:
Detroit _________________ _
Traverse City ___ ______ __
Unnesota: East Grand
Forks.
Cississippi: Decatur _______ _

Rockford Universal Electric Co ___ ____ ____ _____ _ _______ ____ _
Higgins Industries, Inc _______________ ________ .. ___ ___ _____ __

$14,000.00
1,595.69
6, 000. 00
15,000.00
1 15, 000.00

L. M. Gear Co. (acopartnership) ______________ __ _____ _____ _
Johnson-Randall, Inc ___ ______ _______ _____ _____ . _____ _____ _
S. D. Demers and Leon Demers _____ ____ _________ _____ ______

10,000.00
1,000. 00
3,500.00

A new corporation to be formed in connection with WadeStevens Lumber Co. (a co partnership).
Patrick Francis Dillon, doing business as Frank Dillon Towing Co.
Mo II a, Inc ______ ________ __ .. ____ _____________ ____ ______ _____ _
Rabsons Music & Camera Co., Inc ____ _____ _____ _____ _____ _
,vallace Keltner, doing business as Keltner Manufacturing
Co.
Mohican Pencil Co _____ _____ ___. ___ ___ _____ _____ ___ _______ _
R. E. Schwebs ______ ______ ---- --- - - -- -- ---- ------- -- ---- ---

12,500.00

10,000.00
4,500.00

Total, loans to business enterprises under sec. 5d, as amended ___ ____ __ ___ . __ ______ _._

138,595. 69

rew York: New York ____ __

Do _____________________ _
Do _____________________ _
lhio: Ashley ______ _________ _

'ennsylvania: Philadelphia_
fisconsin: Hortonville ____ __

8,000.00
12,500. 00
1.5, 000.00
10,000.00

PURCHASES OF PARTICIPATIONS

Location of borrower

Name of borrowrr

Amount of
Reconstruction Finance
CorporaName of participating bank or other
tion's particlending institution
ipation
withdrawn
or canceled

~na: Phoenix _______ J. D. Halsted Lumber Co __ The Valley National Bank of Phoenix, Phoenix, Ariz.
1»wa: Jordan_
A. Sterner & Co. (a copart- Boone State Bank & Trust Co.,
nership).
Boone, Iowa.

----------1

Total, purchases of participations under sec. 5d, as amended _____ ___________________ _

See footnotes at end of table.

$1.50, 000. 00
12,500.00

162,500.00

12

RECONS'.rRUCTION FINANCE CORPORATION, DECEMBER 1939

2.-Statement of loans, etc., authorized prior to Dec. 1, 1939, which were
withdrawn or canceled in full during December 1939, no part of the proceeds being
disbursed-Continued

TABLE

AUTHORIZATIONS TO BUSINESS ENTERPRISES-Continued
AGREEMENTS TO PURCHASE PARTICIPATIONS

Location of borrower

Name of borrower

Amount of
Reconstruction Finance
Name of participating bank or other Corporation's
agreement
lending institution
to participate
withdrawn
or canceled

Arizona: Phoenix __ _____ Mission Dairy, Inc ____ __ __ The Valley National Bank of
Phoenix, Phoenix, Ariz.
California: San Fran- California-Pacific Utilities Bank of America National Trust &
Savings Association, San Fran•
cisco.
Co.
cisco, Calif.
District of Columbia: Barney Kruco:ff, trading Bank of Commerce & Savings, Inc.,
Washington .
as Commercial Office
Washington, D. C.
Furniture Co.
Idaho: Kellogg____ _____ A. P. Hutton, doing busi- The First State Bank of Kellogg,
Kellogg; Idaho.
ness as A. P. Hutton &
Co.
Kentucky: Louisville___ Herman Kort, doing busi- First National Bank of Louisville,
ness as Louis Kort FurLouisville, Ky.
niture Co.
New Jersey:
Farmingdale ________ Farmingdale Packing Cor- The First National Bank of Farmporation.
ingdale, Farmingdale, N. J.
Paterson ____ ___ ____ _ Modern Confectionery Co. Linares & Rescigno Bank, Paterson,
(a copartnership).
N.J.
New York: New York __ James McWilliams Blue- Hudson County National Bank,
Line, Inc.
Jersey City, N. J.
Ohio: CincinnatL ___ ___ John Fischer, doing busi- The Fifth Third Union Trust Co.,
ness as Fischer's Bakery.
Cincinnati, Ohio.
Texas: Fort ·worth ___ __ L. ·w. Monzingo, doing Continental National Bank of Fort
business as Anchor
Worth, Fort Worth, Tex.
Printing & Letter Co.
Wasbin~ton :
Chelan Falls .. ______ Chelan Falls Credit Cor- Seattle-First National Bank, Seattle,
poration.
Wash.
Naches __ ___________ Albert E. Lee ____ ______ ___ Naches State Bank, Naches, Wash __
Wisconsin: Milwaukee_ Miller Bros. Iron & Metal State Bank of Milwaukee, Milwaukee, Wis.
Co.
Total, agreements to purchase participations under sec. 5d, as amended _____________ _

$30,000.00
37,500.00
16,875.00.
7,500.00
3,000.00

45,000.00
1,875.00
2

120, 000. 00
3

93,750.00

3,000.00

108,000.00
2,250.00

17,550.00
486,300.00

See footnotes a.tend of table.

I
I

.i

I

TABLE 2.-Statement of loarzs,

etc.,

auth orizea prior

lo

Dec.~1, ·1939, which were withdrawn or canceled tn futt aurtng uecemoer 1 ::,m,, no pan

of the proceeds bein.g disbursed--Continue d
A UTHORIZA TIO NS

rro

·

~

BUSINESS ENTERPRISES-Qontin ued

trJ

0

SALES OF PARTICIPATIONS

Location of borrower (State
and city)

Amount of
Recon5truction FiAmount nance Corwithdrawn porations
or canceled participation withdrawn or
canceled

Name of borrower

•
____ ,_____________ _

-------1

California: Los Angeles ______ __ Leonard De Bell and Shirley Helen De Bell, doing business as Southern California Plating Co.
(a copartnership).
Georgia: Columbus ______ _____ _ Sidney G. Simons, doing business as United
States Bonded Warehouse.
Illinois: Petersburg __________ __ Pleasant Hill Coal Co. (a copartnership) __ __ ____ _

z

Sale of participation authorized to-

Amount of
sale authorized which
was withdrawn or
canceled

----1------1- -------------- -------------- -1----$5,000.00
20,000.00

i

15,000.00
2,500.00

0

~
~

0

z
l-.%j
~

z
>
z
0

15,000.00

The First National Bank of Columbus, Columbus, Ga ____ _

5,000.00

The Scbirding State Bank, Petersburg, Ill ___ ____________ _
First National Bank of Webster, Webster, Mass _________ _
100,000.00 Webster Five Cent Savings Bank, Webster, Mass _______ _
{Webster National Bank, Webster, Mass _________________ _

500.00
6,250.00
15,000.00
3,750.00

Merchants Bank of New York, New York, N. Y ______ ___
The National Safety Bank & Trust Co. of New York, New
York, N. Y.
The Honesdale National Bank, Honesdale, Pa ___________ _

3,750.00
500.00

0

4,350.00

~

40,100.00

0

11,250.00
2,000.00

j

Cj

Bank of America National Trust & Savings Association,
Los Angeles, Ca!if.

14,500. ~- _ 10,150.00

Total, sales of participations under sec. 5d, as amended___ __________________ 184,500.00

,,

00
~

$4,000.00

2,000. 00

2,500.00

Massachusetts: Dudley ____ ____ I Stevens Linen Associates, Inc ___ ________ ___ ____ - I 125,000. 00
New York:
Brooklyn __________ __ ___ ___! Futuristic Paper Bo~ Co., Ipc---- -- ---~ -- -- --. -New York ________________ _ Bernard Abrams, domg busmess as Vamty Fair
Novelty Co.
Pennsylvania: Honesdale ___ __ -1 Hussco Shoe Co___ __ _____________________ _____ __

0

144,400.00 ,-- ____________________________ ____ ------ _________________ ---

$1,000.00

t:j

,,

0

0

~

~
~
~

~
tj
~

0

trJ

~
to

~

=:o

~

e.o
e.o

~

~

~

14

RECONSTRUCTION FINANCE CORPORATION, DECEMBER 1939

I

2.-Statement of loans, etc., authorized prior to Dec. 1, 1939, which were :
withdrawn or canceled in full during December 1939, no part of the proceeds being '
disbursed-Continued

TABLE

LOANS TO PUBLIC AGENCIES TO AID IN FINANCING PROJECTS AUTHORIZED UNDER
FEDERAL, STATE, OR MUNICIPAL LAW
[Under sec. 5d of the Reconstruction Finance Corporation Act, as amended]

State

Name

Amount
withdrawn or
canceled

Mississippi_ ___ __ City of Gulfport _________________ ____ ________ ____________ ___ ______ ___ __ _
Montana __ ______ City of Havre ______________________________ _____________________________

4

$30, 000. 00

1

175, 000.:00

'l'otal, loans to public agencies to aid in financing projects authorized under Federal,
State, or municipal law.

205,000.00

LOANS TO DRAINAGE, LEVEE, IRRIGATION, AND SIMILAR DISTRICTS
[Under sec. 36 of the Emergency Farm Mortgage Act of 1933, as amended]
California __ ___ __
Do __________
Do __ __ __ ____
Idaho ___________
Illinois___ _______

Anderson-Cottonwood irrigation district __ -- - --------------------------James irrig-ation district_ _____ _______________ ___________________________ _
Reclamation district No. 830 ________ _______________ _____ ____ __ ________ __
Oakley Canal Co _____ __ ____________________ ___ ______ __ ____ ___ ___ ______ _
England Pond drainage district of the county of Lawrence and State of
Illinois.
Missouri_ _______ Little River drainage district __ ___ __ ___ ___ ______ ___ ______ _______________ _
Montana ________ Billings Bench ,vater Association ____________ ____ ______ ___ __ ___________ _

1

$339, 000. 00
120,263.57
140,000.00
I 212, 50(). 00
1 1,000.00
15,198.00
112, 700. 00

t
1

Total, loans to drainage, le,·ee, irrigation, and similar districts _______________________ _

740,661.57

SUBSCRIPTION FOR PREFERRED STOCK OF A BANK
[Under sec. 304, title III, of the act approved Mar. 9, 1933, as amended] -· ;

State and city

Name

Washington: Seattle.

The University National Bank of Seattle_ ______________________________

Amount
withdrawn
or canceled
$300,000.00

LOAN TO A BORROWER ENGAGED IN THE MINING, MILLING, OR SMELTING OF ORES
[Under sec. 14 of the act approved June 19, 1934, as amended]
Nevada: Carson Comanche Gold Dredging- Co ____________ .____ __ ________________________
City.
Grand total, table 2. _______ ____ _________ __ __ ____ _____ _____ ______ __ __ ___ _______________

1

$200,000.00

2,850,274.47

I
1 Loan previously !:1Uthorized was rescinded in full as shown above, and new loan authorized as shown
in table 1.
2 Agreement to purchase participation previously authorized was rescinded in full as shown above, and
purchase of participation authorized as shown in table 1.
a Agreement to purchase participation previously authorized was rescinded in full as shown above, and
new agreement to purchase participation authorized as shown in table 1.
4 Loan previously authorized was rescinded in full as shown above, and new authorization approved as
shown in table I.

RECONSTRUCTION FINANCE CORPORATION, DECEl\IBER 1939
TABLE

15

3.-Statement of loans, etc., authorized prior to Dec. 1, 1939, which were
~thdrawn or canceled in part du1'ing December 1939

LOANS UNDER SEC. 5 OF THE RECONSTRUCTION FINANCE CORPORATION ACT,
AS AMENDED

BANKS AND TRUST COMPANIES

Amount
withdrawn
or canceled

Name

State and city

khode Island: Providence___ Columbus Exchange Trust Co. (conservator) ______________ _
South Carolina: Columbia__ Peoples State Bank of South Carolina (receiver) ___________ _

Oalifornia:HuntingtonPark_ The City National Bank of Huntington Park (receiver) ____ _

$9,200.00
344.14
5,542.76

Total, banks and trust companies ___________________________________________________ _

15,086.90

MORTGAGE LOAN COMPANIES

Tennessee: Knoxville________ Fidelity-Bankers Trust Co__________________________________
,Washington: Aberdeen ______ The Delta Corporation______________________________________
·' Do ______________________ The Monarch Corporation__________________________________

$183, 664. 21
· 30,251.24
7,088.35
1-----

Total, mortgage loan companies______________________________________________________

221, 003. 80

AUTHORIZATIONS TO BUSINESS ENTERPRISES
l'

fUnder sec. 5d of the Reconstruction Finance Corporation Act, as amended]
LOANS

•,
, Georgia: Douglas ____________
~Illinois: Ottawa_____________
,MMSachusetts: Saletn___ __ __
-Michigan:
,.
Detroit __________________
Grand Rapids___________
Minnesota: Minneapolis____

Head Furniture & Music Co _______________________________ _
Knowles Foundry & Machine Co __________________________ _
Puritan Tannery, Inc ___ ___________________________________ _

$700.00
10,000.00
10,000.00

City Fruit & Produce Co. (a copartnership) ________________ _
Postma Biscuit Co _________________________________________ _
E. E. lgelsrud, doing business as Igelsrud Fuel & Transfer
Co.
Missouri: Ste. Genevieve____ Thomas Inkley (doing business as Inkley Quarries and Ste.
Genevieve Marble Co.).
iNew ?v,iexico: Artesia ________ D. A. Loucks ______________________________________________ _
New York:
Carthage________________ Carthage Machine Co_______________________________________
New York _______________ G. R. Maerlander, doing business as Keystone Chromium
Co.
Do_ _________________ Park Drug Co., Inc_ ________________________________________
;North Carolina:
Salisbury ________________ Klumac Cotton Mills, Inc ____ -------------------------.----Spindale _________________ Spencer Mills, Inc__________________________________________
North Dakota: Flasher ______ Flasher Electric Co_________________________________________
Texas: Houston _____________ A. I. Golfand, doing business as Kenilworth Grocery Co____

600.00
2,100.00
1,500.00

Total, loans under sec. 5d, as amended ______________ ~ ________________________________

10,000.00
493.32
1

5, 000. 00
4,000.00

15, 000. 00
1

15,000.00
35,000.00
300. 00
275. 00

----109, 968. 32

PURCHASES OF PARTICIPATIONS

-

Location of borrower

Name of borrower

Name of participating bank or other
lending institution

Amount of
Reconstruction Finance Corporation's
participation withdrawn or
canceled

'Ohio: Sidney _________ The St. Marys Packing Co_ The First National Exchange Bank of

$8,600.00

Texas: Fort Worth ___ Texasteel Manufacturing

13,612. 86

Co.

Sidney, Sidney, Ohio.
The Fort Worth National Bank, Fort
Worth, Tex.

Total, purchases of participations under sec. 5d, as amended_ . _______________ - - - - - - - - - -

Bee footnotes at end of table.

22,212.86

16

RECONSTRUCTION FINANCE CORPORATION, DECEMBER 1939

TABLE

3.-Statement of loans, etc., authorized prior to Dec. 1, 1939, which were
withdrawn or canceled in part during December 1939-Continued
AUTHORIZATIONS TO BUSINESS ENTERPRISES-::-Continued
AGREEMENTS TO PURCHASE PARTICIPATIONS

Location of borrower

Name of borrower

Name of participating bank or other
lending institution

Amount of
Reoonstruc- .
tion Finance Corporation's
agreement
to partici- ,
pate withdrawn or
canceled

--------·- - - - - - -- - - - - - - - - - - - ------------------~-------- ----Alabama:
Birmingham _____ _ Piper Ice Cream Co., Inc __ _
Enterprise . ______ _ Barna Cotton Mills (a partnership consistipg of D. H.
Morris, Jr., and Joel E.
John.son).
Mobile ___ ____ __ __ McPhillips M8;11ufacturing
Co. (a oopartnership).
Union Springs ___ _ M. N. Eley, doing business
as Eley Motor Co.
Arizona:
Clifton _____ ___ ____ Peter Riley ______ ___________

Exchange Bank, Birmingham, Ala __ __
The First National Bank of Birmingham, Birmingham, Ala.
The Merchants National Bank of Mobile, Mobile, Ala.
The First National Bank of Union
Springs, Union Springs, Ala.

The Valley National Bank of Phoenix,
Phoenix, Ariz.
McNary __ _______ _ Southwest Lumber Mills, _____ do _________________ ______________ _

Inc.

Miami ___ ___ __ ____ Miai:ni Laundry Co., Inc ________ _do _______ ____ __ __ ___ __ ____ _______ _
Paul Spur ________ Paul Lime Plant (a copart- _____ do ____ _________ __________________ _
nership).
Phoenix __________ Arizona Brewing Co______ __ _____ do _________________ __ _____ _______ _
· Do ___ __ ___ ____ Fannin's Hardware _______ _. -~ ___ do ____ ____ _______ __ ___ ___________ _
Do _______ __ ___ Nels Bertil Freeberg _______ ~---- do _____________ _____ _____ __ ______ _
Do __________ __ W. \V. Mitchell __ __________ _ _____ do----- --------~-- ------- -- -- -- ---Do ____________ Richard J. Walsh_ __________ _____ do ___ ____________________________ _
Do ____________ J ames J. Wesley, doing _____ do _______ __ __ __ ____ ______ ___ ______ _
business as White & Wesley.
Tucson __________ _ Young Wholesale ~eat Co. ___ __ do ___ ___ _________ ______ ____ _______ _
(a copartnership).
Wickenburg__ ____ Brayton Commercial Co ___ ____ __ do ___ _____________________________ _
'. Arkansas: Stuttgart__ . Layne-Arkansas Co ______ ___ National Bank of Commerce Memphis, Tenn.
•California:
Alameda __________ Alameda Stearn Laundry Bank of America National Trust &
Association.
Savings Association, San Francisco,
Calif.
Albam bra ________ Garnet C. Bryan ____ ________ Bank of America National Trust &
Savings Association, Los Angeles,
Calif.
Arvin _____________ Arvin "\Vater Co ____ ______ __ Bank of America National Trust &
Savings Association, San Francisco,
Calif.
Eureka ___________ Eureka Woolen Mills _______ __ __ _do _____ ------- --- --- ------- -------Garvey ___________ J.B. Redfield _______________ First State Bank of Rosemead, Rosemeact, Calif.
Glendale __________ General Controls Co ________ Bank of America National 'frust &
Savings Association, Los Angeles,
Calif.
Hayward ________ _ Orland Close, doing busi- Bank of Haywards, Hayward, Calif_ __
ness as Hayward Building
Supply Co.
Healdsburg ______ _ The Miller Fruit Co., Inc ___ Bank of America National Trust &
Savings Association, San Francisco,
Calif.
Los Angeles ______ _ Bardwell & McAlister, Inc., Bank of America National Trust &
Savings Association, Los Angeles,
and Motion Picture Electric Products.
Calif.
Do ___________ _ Bradshaw Bros. Press Room _____ do _______ ________ __ _______________ _
(a copartnership).
Do _____ ______ _ Crown
Laundry & Cleaning Security-First National Bank of Los
Angeles, Los Angeles, Calif.
Co.
Do ______ - ----- Fidelity Securities Corpora- Bank of Amerira National Trust &
Savings Association, Los Angeles,
tion.
Calif. .
Do ____________ Griffith Equipment Co., Inc_ Citizens National Trust & Savings
Bank of Los Angeles. Los Angeles,
CaJif.

in

$281. 34
13,736.66

312.50
168. 75
25.00
16,250.00
250.00
1,137.50
215.93
250.00
56.33
100.00
124.99
125.00
66.50

93. 75
2,460.80
148.00

75.00
112. 50

1. 600. 00
75. 00
500.00
130.50
219. 78
208.33
112. 00
218.00
1,042.50
80. 00

17

RECONSTRUCTION FINANCE CORPORATION, DECE1\1BER 1939
TABLE

3.-Statement of loans, etc., authorized prior to Dec. 1, 1939, which were
withdrawn or canceled in part during December 1939-Continued
AUTHORIZATIONS TO BUSINESS ENTERPRISES-Continued
AGREEMENTS TO PURCHASE PARTICIPATIONS-Continued

Location of borrower

Name of borro,ver

Name of participating bank or other
lending institutton

Amount of
Reconstruction Finance Corporation 's
agreement
to participate withdrawn or
canceled

--------1~-California-Con.
Los Angeles _____ _ Kinney Iron Works (a co- Citizens National Trust & Savings
partnership consi~ting- of
Bank of Los Angeles, Los An 6eles,
Calif.
Wendell H. Kinney, Roland T . Kinney, and
Hadassab T. Kinney).
Do ___________ _ Metallizing Co of America Bank cf America National Trust &
Savings Ass cciatiJn, Les Angeles,
Inc.
Calif.
Do ___ _________ Parific Screw Produrts Cor- Union Bank & Trust Co. of Los
poration.
Angeles, Los Angeles, Calif.
Do. __________ Southern California Pleat- ____ _do ___ ..__ _________ _______ . __ . _____ . _
ing Co.
Do ___ _________ United Concrete Pipe Cor- The Farmers & Merrhants National
..
Bank of Los AngeJes, Los Angeles,
poration.
•
Calif.
Do ____________ Witt Ice & Gas Co ______ ___ _ The Valley National Bank of Phoenix,
c
Phoenix, Ariz .
Palms . ___________ Hammel Radiator Corpora- Union Bank & Trust Co. of Los
Angeles, Los Angeles. CaJif.
tion .
Sacramento_______ Sacramento Pipe Works ___ _ Bank of America National Trust &
Savings As~ociation. San Franci~co,
Calif.
San Francisco_ ___ CaJifornia Canning Peach _____ do ___ - ---- ---------- -- -- ------ -- - Association.
Do ___. __ . ___ .. Gr~pe Growers Products - ___. do . . . __ __________ ______ ________ ___ _
Association.
Do ____________ Oregon Nevada California The Anglo California NationaJ Bank
of San Francisco, San Francisco,
Fast Freight, Inc.
Calif.
Do __ __ ________ Union Lumber Co .·- --- -- - - Bank of America National Trust &
Savings Association, San Francisco,
Calif.
Colorado:
Grand Junction __ . Grand Valley Packing Co. First National Bank in Grand Junction, Gran<l Junction, Colo.
(a copartnership).
Pueblo ___________ Arthur D. Marvin ___ ___ __ __ The Pueblo Savings & Trust Co.,
Pueblo, Colo .
, Connecticut:
Danbury _____ ._ .. George J. Hannan ____ ____ __. The D anbury National Bank, Danbury , Conn.
New Haven _____ _ The State Candv & Tobacco The Community Bank & Trust Co.,
.
Co.
N ew Haven, Conn.
Plainville __ . _____ _ Arthur J. Wasley, doing The Plainville Trust Co., Plainville,
business as Plain ville
Conn.
Metal Works.
Stratford _________ _ Contract Plating Co., Inc . The Bridgeport-City Trust Co.,
Bridgeport, Conn.
District of Columbia: Kay-Myers (a copartner- The Riggs National Bank of ,vashington, D. C., vVashington, D. C.
ship consisting of H.
Washington.
Herbert Myers; Max J.
Kornhauser , and Otis L.
Evans).
Do __________ _____ _ Charles and Mcina Kirsch, Prince Georges Bank & Trust Co.,
Mount Rainier, Md.
doing business as KumIn-Market.
Do ______________ _ Lewis & Thos. Saltz, Inc __ _ The Riggs National Bank of Washington, D. C., Washington, D. C.
Do _______________ _ Standard Engraving Co., The Lincoln National Bank of Washington, Washington, D. C.
Inc.
Do _______________ _ D. Del Vecchio, doing American Security & Trust Co.,
Washington, D. C.
business as Peoples Hard•
ware Stores.
Do _______________ _ Washington Soriety for the McLachlen Banking Corporation,
Washington, D. C.
BJind.

207929-40--2

$2.50.00

lQ0.00
560.00
96.00
1, 43,5. .50
1,500.00
108. 40
416.67
159,846.61
19,690. 88
691. 10
6,814.86

150. 00
83.34

13.5.00
50.00
37. 50
165.51
312.50

106.25
9,000.00

94. 25
312.50
?.34. 72

18

RECONSTRUCTION FINANCE CORPORATION, DECEMBER 1939

TABLE

3.-Statement of loans, etc., authorized prior to Dec. 1, 1939, which were
withdrawn or canceled in part during December 1939-Contin.ued
AUTHORIZATIONS TO BUSINESS ENTERPRISES-Continued
AGREEMENTS TO PURCHASE PARTICIPATIONS-Continued

Aniountof
Reconstruc-

tion Fi-

Location of borrower

Name of borrower

Name of participa°ting bank or other
lending institution

nance Cor-

poration's

agreement
to partici- -

pate with- ·
drawn or
canceled

Florida:
Jacksonville_ ____ _ Great Southern 'l'rucking American Trust Co., Charlotte, N. C_
Co.
Pensacola _________ Hyer Towing Co ______ ______ The Merchants National Bank of
Mobile, Mobile, Ala.
St. Augustine _____ Service Laundry & Dry The St. Augustine National Bank,
Cleaners, Inc.
St. Augustine, Fla.
Georgia:
Atlanta ___________ J.P. Allen & Co __ ___ __ ___ __ TheFultonNationalBankofAtlanta,
Atlanta, Ga.
Do ___ ________ Atlanta Distributing Co. The First National Bank of Atlanta,
(a copartnership) .
Atlanta, Ga.
Do ______ ______ Claude S. Bennett, Inc ____ __ The Citizem & Southern National
Bank, Atlanta. Ga.
Do__ ________ __ Fickett-Brown Manufactur- _____ do __ ____________ ____ ______________ _
ing Co., Inc.
Do ____________ Pioneer-Atlanta Co., Inc ____ The Fulton National Bank of Atlanta,
Atlanta, Ga.
Do______ _____ _ Upchurch Packing Co __ _________ do _____ __ ______________ ___________ _
Augusta ______ __ ._ R. E. Elliott Sons (a co- G~orgia Railroad Bank & Trust Co.,
,
partnership).
Augusta, Ga ..
Columbus._______ B. B. Key, doing business Merchants & Mechanics Bank,· Coas Key & Townsend.
lumbus, Ga.
Jefferson __________ The Jefferson Mills _________ Bank of the Manhattan Co., New
York, N. Y.
Idaho:
Lewiston ________ . Frank H . D1)A tley and R. B . The First National Bank of LewisJohnson, doing husiness as
ton, Lewiston, Idaho.
F. H. DeAtley & Co.
Do _____ ___ ____ .T. A. Fortin, <loin!! business ___ __ do _____ ____ _______________________ _
as Commercial Cold Storage & Warehouse Co.
Do ____ ________ Idaho Beverages, Inc __ _____ _ American Bank & Trust Co., Lewiston, Idaho.
Payette __ _________ J. C. Palumbo. doing busi- First Security Bank of Idaho, Boise.
Idaho.
ness as J. C. Palumbo
Fruit Co.
Illinois:
Aurora ___ __ _____ _ G. C. Malcor and Harrv M. The Merchants National Bank of
Theisen (co partners) _Aurora, Aurora, Ill.
Berwyn ____ _____ _ Noyes Laundry (a copart- The Berwyn National Bank, Berwyn,
Ill. nership).
Chicago __ _______ _ C. L. Borg- _______ ____ ______ _ Chicago City Bank & Trust Co., Chi•
cago, Ill.
Do _______ ___ __ H enry Valve Co __ _________ _ Merchants National Bank in Chicago,
Chicago, Ill.
Do __ ___ _____ _ Jacob A. Kanter, doing bus- Main State Bank, Chicago, Ill _______ _
iness as Kanter Concrete
Form & Equipment Co.
Kankakee ___ ___ __ D. E. Cooper, doing bus!- City Trust & Savings Bank, Kankanrss as Kankakee Paper
kee, Ill.

$900.00
500.00
36.19
1,125.00
150.00
250.00
461. 54
220.00
19,500.00
597.72
215. 89

1,429.84

768.ot
84. 75
144. 00

2,250.00

164. 00

72. 73
33.33
200.00

90.00
1,350.00

Co.

Peoria ___________ _ Shehan & Co ______________ _ South Side Trust & Savings Bank of
Peoria, Peoria, Ill.
Indiana:
Bedford ___ ________ Bedford Cut Stone Co ____ __ The Citizens National Bank of Bedford, Bedford, Ind.
Bloomington _____ Fagan Stone Co ., Inc ____ __ _ The Bloomington National Bank,
·Bloomington, Ind.
Evansville ________ Swanson-Nunn Electric Co __ Old National Bank. in Evansville,
Evansville, Ind.
Do ___ _________ Weil Packing Co _____ _______ __ ___ do ___ ___ _____ ____________________ _
Fort Wayne______ Brooks Construction Co____ Lincoln National Bank & Trust Co.
of Fort ·wayne, Fort Wayne, Ind.
Newcastle________ Jesse French Corporation___ Citizens State Bank of Newcastle,
Newcastle, Ind.
Terre Haute______ A. G. Cooke, doing business The· Merchants National Bank of
as A. G. Cooke General
Terre Haute, Terre Haute, Ind.
I Machine Shop.

100. 00

10,000.00
210. 30
240.00
328.12

350.03
1,680.00

26.67

RECONSTRUCTION FINANCE CORPORATION, DEC:bJMBER 1939
TABLE

19

3.-Statement of loans, etc., authorized prior to Dec. 1, 1939, which were
withdrawn or canceled in part during December 1939-Continued
AUTHORIZATIONS TO BUSINESS ENTERPRISES-Continued
AGREEMENTS TO PURCHASE PARTICIPATIONS-Continued

Name of borrov,:er

Loca.t.ion of borrower

Name of participating bank or other
lending institution

Amount of
Reconstruction Finance Corporation's
agreement
to participate withdrawn or
canceled

------- -- - - - - - - - - - - - - --- - - -

I

Kansas:
Arkansas City ____ Harry A. Derry, doing busi·
Clay Center______
Kansas City ______
Do____________
:\fanhattan _______

:Marion ___________
Olathe ____________
Pittsburg _________

Salina_~__________

Do ____________
,vichita ___________

The Home National Bank of Arkansas
City, Arkansas City, Kans.
ness as Derry Wholesale
Bakery.
D. L. "_.heelock, doing busi- Security National Bank of Kansas
City, Kansas City, Kans.
ness as D. L. Wheelock
Construction Co.
A. E. Martin, doing busi- ___ __ do ____ _______ ____ ________ __ _____ __ _
ness as Martin Oil Co.
Sambol & Rollwagen Pack- The Kaw Valley State Bank, Kansas
City, Kans.
ing Co. (a partnership).
Brown-Burton Grain Co. The Union National Bank of Manhattan, Manhattan, Kans.
(n copartnership).
Gail Merrill ________ ____ _____ ! The Marion National Bank, Marion,
Kans.
The Frigid Food Locker The First National Bank of Olathe,
Olathe, Kans.
Co., Inc.
Pittsburg EleYator Co., Inc __ The Citizens Bank, Springfield, Mo __ _
0. P. Quinley_ __ ____________ The Farmers National Bank of Salina,
Salina, Kans.
Linus B. Smith _____________ The Planters State Bank, Salina,
·
Kans.
The Allsteel Products Commerce Trust Co., Kansas City,
Mo.
1\fanufacturing Co.

Kentucky:
Glasgow ______ . __ _ T. C. Walbert and Cecil C. The Citizens National Bank of Glasgow, Ola,gow, Ky.
·wilson (a copartnership).
Louisville _______ . _ Miller & Bauer (a copartner- I Lincoln Bank & Trust Co., Louisville,
Ky.
ship).
Do ___________ _ Norman Kiln Drying Co __ _ The First National Bank of Louisville,
Louisville, Ky.
Do _______ .. __ Pioneer Coal Co_ _______ __ The Citizens Union National Bank of
Louisville, Louisville, Ky.
Do .. _________ _ Standard Foods, Inc _______ _ ____ .do __________ . ____ ___ _____ . ______ __ _
Paintsville _______ _ The Kentucky Packers, Th<' Second National Bank of Paintsville, Paintsville, Ky.
Inc.
Louisiana: Franklin- Williams Lumber Co., Inc_ Washington Bank & Trm-t Co.,
Franklinton, La.
ton.

Maine:
Auburn___________ Roscoe M . .Jordan __ _____ __ _ First-Auburn Trust Co., Auburn,

Maine.
Norridgewock ____ The Johnson Shoe Co., Ine I Depositors Trust Co., Augusta,
Maine .
I
Maryland:
Baltimore ... _______ Lamm Bros., Inc _________ __ Union Trust Co. of Baltimore, Baltimorr, Md.
Do ________________ The George ·woelfel Corpor- The Equitable Trust Co., Baltimore,
Md.
ation.
Massachusetts:
Chelsea ___________ Amrrican Barrel Co _ ___ __ __ Malden Trust Co, Malden, Mass ___ _
Everett___________ New England Retinning, ___ __do __ ___ ___ __ _________ ___ _. ________ _
Inc.
Lowell __________ __ Zoel A. Houle, doing busi- Union Old Lowell National Bank,
Lowell, Mass.
ness as Eagle Transportation Co.
New Bedford _____ J. Rubin & Sons (a partner- The First National Bank of New
Bedford, New Bedford, Mass.
ship consisting of Julius
Rubin, Jacob S. Rubin,
and Louis Rubin).
ellesley. __ • ____ _ ,vellesley Press, Inc .. ____ __ The Wellesley National Bank, Wdlesley, Mass.
,vest Springfield_ The Cogswell Manufactur- West Springfield Trust Co., West
Springfield, Mass.
ing Co ., Inc.
Worcester _______ .. Fagle Plating Co __________ __ The Mechanics National Bank of
Worcester, Worcester, Mass.
Worcester _________ , New England Envelope Co_ \ ___ _do __ _________________ _____________ _

,,r

$42. 52

191. 66

187.50
73.60
62. 4.9
9. 70

133.32
1,000.00
25.00
lfiU. 00

800.00
25.00
75. 00
1,000.00

5,206.38
40.00
11:.!. 50

367.48
12. :50

17\l.88
2,000.00
R5.00
231. 48
120. 00
100.00

400.00

80.00
133.33
50.00
562.50

1
1.

20

RECONSTRUCTION FINANCE CORPORATION, DECEMBER 1939

TABLE

3.-Statement of loans, etc., authorized prior to Dec. 1, 1939, which were
withdrawn or canceled in part during December 1939-Continued
AUTHORIZATIONS TO BUSINESS ENTERPRISES-Continued
AGREEMENTS TO PURCHASE PARTICIPATIONS-Continued

Location of borrower

---------

Name of borrower

Name of participating bank or other
lending institution

Amount of
Reconstruction Finance Corporation's
agree merit
to participate withdrawn or
canceled

---- -----

Michigan:
Ann Arbor ______ _ Ann Arbor Implement Co __ State Savings Bank, Ann Arbor. Mich_
Battle Creek __ ____ Transit Warehouse Corpo- Security National Bank of Battle
ration.
Creek, Battle Creek, Mich.
Comstock ___ . _____ Modern Home Builders The Home Savings Bank of KalamaSupply, Inc.
zoo, Kalamazoo, Mich.
Detroit ____ ____ ___ Automotive Trades Steam- The Manufacturers National Bank of
Detroit, Detroit, Mich.
ship Co.
Do ___ __ ____ ___ Lincoln Tool & Die Co., Inc __ ____ do _________ ___ ____________________ _
Do ____ _______ _ The Machined Parts Cor- ___ __ do __ ________ ___ ___________________ _
poration.
Do ____ __ ___ __ _ Peninsular Metal Produets National Bank of Detroit, Detroit,
Corporation.
Mich .
Do ____ _______ _ Wolverine Porcelain Enam- The Detroit Bank, Detroit, Mich ____ _
eling Co.
Flint_ _____ ____ ___ Genesee
Conl & Ice Co ___ ___ Citi?.ens Commercial & Savings Bank,
Flint. Mich.
Do ________ ___ _ PalaC'e Trave1 Coach Cor- _____ do_~--- - - - --- - - -- - ------- -- -------poration.
Grayling _________ _ Kerry & Hanson Flooring Saginaw State Bank, Saginaw, Mich __
Co.
Highland Park __ _ Domestic Air Conditioning The Manufacturers National Bank of
Detroit, Detroit, Mich.
Co.
Hubbard Lake ____ Edwin E. Bennett and The Farmington State Bank, Farmington, Midi.
Margaret B . Bennett
(partners) .
Minnesota:
Minneapolis ______ Egekvist Bakeries, Inr _____ _ The Fourth Northwestern National
Bank of Minneapolis, Minneapolis,
Minn.
Do ___ _____ __ __ North East Feed Mill Co., Northwestern National Bank & Trust
Inc.
Co. of Minneapolis, Minneapolis,
Minn.
Do ____ _____ ___ Nortz Lumber Co ________ _ The American National Bank of St.
Paul, St. Paul, Minn.
Do ________ ____ John Nygren, doing business The Marquette National Bank of
as Franklin Printing Co.
Minneapolis, Minneapolis, Minn.
Owatonna__ ______ King Ventilating Co _______ _ Faribault State Bank & Trust Co.,
Faribault, Minn.
St. Paul_ ___ ____ __ Herzog Iron Works, Inc ____ _ The Empire National Bank & Trust
Co. of St. Paul, St. Paul, Minn.
Winona __ ______ ___ Pepin Pickling Co ___ ______ _ Merchants Bank of Winona, Winona,

$1,833.33
112.50
50.02
811. 03
600.00
112. 50

4,800.00
4,000.00
3,200.00
· 900. 00

2, 761. 16
375.00
63.02

1,125.00
370.00
604.00
20.00
192.91
800.00
333.33

Minn.

Mississippi :
Columbus ________

D.S. Cox, doing business as First-Columbus National Bank, Columbus, Miss.
Columbus Ice Cream &
Creamery Co.
Greenwood __ __ ___ Lawrence Printing Co., Inc _ The Bank of Greenwood, Greenwood,
Miss.
Indianola__ _______ Sunflower Mills ____ ________ _ The Hibernia National Bank in New
Orleans, New Orleans, La.
Missouri:
Kansas City __ ____ Rival Manufacturing Co ___ _ ·westport Ave. Bank, Kansas City,
Mo.
Liberty ______ __ ___ Edwaro T. Brant, Sr., doing The National Commercial Bank of
Liberty, Liberty, Mo.
business as Brant's Drug
Store; · and Edward T.
Brant, Jr., and Ralph 'W.
Brant (copartners), doing
business as Brant's Haberdashery.
Monett_ __________ M. E. Gillioz Inc __ ___ ______ _ Mississippi Valley Trust Co., St.
Louis, Mo.
North Kansas .Tesco Lubricants Co ________ _ The Columbia National Bank of Kansas City, Kansas City, Mo.
City.
St. Louis _________ Bailey Farm & Dairy Co __ _ Southern Commercial & Savings
Bank, St. Louis, Mo.
Do__ _______ ___ Fox Bros. Manufacturing Jefferson-Gravois Bank of St. Louis,
St. Louis, Mo.
Co.

122.98
399.99
1,250.00
360.00
71. 68

3,525.00
469.98

66.67
322.94

RECONSTRUCTION FINANCE CORPORATION, DECEl\-IBER 1939

f ABLE 3.-Statement of loans, etc., authorized prior

21

to Dec. 1, 1939, which were

withdrawn or canceled in part during December 1939-Coutinued
AUTHORIZATIONS TO BUSINESS ENTERPRISES-Continued
AGREEMENTS TO PURCHASE PARTICIPATIONS-Continued

Location of borrower

Name of borrower

Name of participating bank or other
knding institution

Amount of
Reconstruction Finance Corporation's
agreement
to participate withdrawn or
canceled

- - - - - - - - - ------------- ------------------------ - - - - - Missouri-Continued.
St. Louis__________ Gast Bottling Corporation __ Mutual Bank & Trust Co., St. Louis,
Mo.
Do____________ H. & S. Book Binding Co __ Chippewa Trust Co., St. Louis, Mo __
Do____________ Midwest Smokeless Fuel The Boatmen's National Bank of St.
Louis, St. Louis, Mo.
Corporation.
Do _________________
cto ______________________ _ Mississippi
Valley Trust Co., St.
Louis, Mo.
Do ____________ _ Rock Hill Stone & Gravel The First National Bank of Clayton,
Clayton, Mo.
Co.
Springfield _______ _ Missouri Neon Co. (a co- The Citizens Bank of Springfield,
Sprin~field, Mo.
partnershi p).
Montana:
Butte ____________ _ Christie Transfer & Storage Union Bank & Trust Co., Helena,
Mont.
Co.
Helena ___________ _ John
A. Eck and Marie A. ____ _do ________________________________ _
Eck.
Miles City _______ _ Charles L. Kroman, doing First National Bank in Miles City,
Miles City, :Mont.
business as Public Drug
Co.
Nebraska:
Bloomfield _______ _ Bloomfield Creamery Co. (a Farmers & l'vforchants State Bank,
co partnership).
Bloomfield, Nebr.
Boelus . __________ _ Edward W. ·whitefoot _____ _ Boelus State Bank, Boelus, Nebr ____ _
Fremont __________ _ Fremont Canning Co. (Inc.)_ The Stephens National Bank of Fremont, Fremont, Nebr.
Omaha ___________ Disbrow & Co __ ___________ _ The First National Bank of Omaha,
Omaha, Nebr.
Do____________ F. S. Gearhart, doing- busi- Packers National Bank in Omaha,
Omaha, Nrbr.
ness as Gearhart Feed &
Coal Co.
Do____________ Ideal Cement Stone Co ____ _ The First National Bank of Omaha,
Omaha, Nebr.
Do ___________ Independent Lumber Co____ The Omaha National Bank, Omaha,
Nebr.
Do ________________ do _________ ___________ __ _____ do ____ __ ____ _________ ____________ _
Do ___________ Omaha Concrete Stone Co __ ___ __ do _______________________________ _
Spe.acer ___________ Clyde H. Fisher_ ___ ___ _____ Spencer State Bank, Spencer, Nebr __ _
New Jersey:
Bound Brook _____ Grimm Foundry Co __ _____ _ The Second National Bank of Somerville, Somerville, N. J .
.Elizabeth _________ Elizabeth Iron ,vorks, Inc __ Elizabeth Trust Co., Elizabeth, N. J__
Garwood_________ Synply Corporation _____ ____ The National State Bank of Elizabeth,
Elizabeth, N. J.
Jersey City _______ Standard Laundry Co ______ The Public National Bank & Trust
Co. of New York, New York, N. Y.
Newark__________ Silver Bros., Inc ___ ____ _____ Lincoln National Bank of Newark,
Newark, N. J.
Orange ___________ G. N. Coughlan Co __ ______ _ The Orange First National Bank,
Orange, N. J.
Passaic ___________ George Dixon Press, Inc ____ Passaic National Bank & Trust Co.,
Passaic, N. J.
Do ___________ _ Howe Machinery Co., Inc _______ do ________ __ ___ ________ ___ ___ ____ _
Do __________ _ Tri-County Pants Co ____ ___ Lodi Trust Co., Lodi, N. J ___________ _
Paterson _________ _ George Brahs, doing busi- 'I'he Second National Bank of Paterness as Atlas Rawhide Co.
son, Paterson, N. J.
Union City _______ Sigmund Freisinger, doing Hudson Trust Co., Union City. N. J __
business as North River
Yarn Dyers.
New Mexico:
MesillaPark _____ Grita L. Coats and A. J. El Paso National Bank, El Paso, Tex _.
Coats.
Santa Fe __________ The Star Lumber Co. of The Citizens State Bank, Liberal,
Santa Fe.
Kans.
New York:
.. Brooklyn_________ Clarileen Fabrics Corpora- Brooklyn Trust Co., Brooklyn, N. Y -tion.
Do ____________ Foster & Cross, Inc ________ , _____ do ________________________________ _
Do__________ __ Nelsen & Ellingsen, Inc ____ _i _____ do _________ - - _- -- -- ------ -- -- -- ----

$103. 51
100.00
1. 653. 22
2,150.38
3,500.00
166.n7

17,100. 00
80.86
75.00

56.

50

20.00
145. 19
7,500. 00
14.81
133.33
143. 70
270.00
125.00
34.44
116. 67

124.38
89.02
18,400.00
50.00
2,500.00
50.00
312. 75
250.00
250.00
100.00

62. ,50

1,600.00
1,200.00
2,625.00
43.40

22

RECONSTRUCTION FINANCE CORPORATION, DECEMBER 1939

TABLE

3.-Statement of loans, etc., authorized prior to Dec. 1, 1939, which wen
withdrawn or canceled in part dur-ing December 1939-Continued
AUTHORIZATIONS TO BUSINESS ENTERPRISES-Continued
AGREEMENTS TO PURCHASE PARTICIPA'JIONS-Continued

Location of borrower

Name of borrower

Name of participating hank or other
lending institution

Amount of
Reconstruction Finance Corporation's
agreement
to participate withdrawn or
canceled

---- - - - - - - - - ----------------- - - ---·- -----------------,-------New York-Con.
Dunkirk ______ ____ '\-Villiam ·w. Cease, doing The :Merchants National Bank of
business as the Cease
Dunkirk, Dunkirk, N. Y.
Lunch System.
Fulton __________ __ The Morrill Press ___ _______ _ The Merchants National Bank &
Trust Co. of Syracuse, Syracuse,
N. Y.
Malone ___________ J. 0. Ballard & Co _________ _ The Citizens National Bank of Malone, l\!Ia lone, N. Y.
New York _____ ___ Acme Cotton Products Co., The Windham County National Bank
Inc.
of Danielson, Danielson, Conn.
Do __ __ _______ Diesel Equipment Corpora- The New York Trust Co., New York,
tion.
N. Y.
Do __ __ ______ __ Hughes-Autograf Brush The National City Bank of Troy,
Co., Inc.
Troy, N. Y .
Do ____________ Maritime Milling Co., Inc _ Liberty Bank of Buffalo, Buffalo,
N.Y.
Do ____________ Edward H. Rogers, Inc ___ __ The Jamaica National Bank of New
York, Jamaica, N. Y.
Syracuse_____ ___ __ Syracuse Auto Parts, Inc __ _ First Trust & Deposit Co., Syracuse,
N. Y.
Troy _________ ___ __ The Troy Chain Co., Inc __ __ The Troy Trust Co., Troy, N. y _____ _
Utica ___________ __ Cunningham Studios, Inc __ _ First Citizens Bank & Trust Co. of
Utica, Utica, N. Y.
Do _____ ___ ____ Empire Waste & Metal The Oneida National Bank & Trust
Corporation.
Co. of Utica, Utica, N. Y.
Do __ __________ Ken-Wel Sporting Goods _____ do ____________ _______________ _____ _
Co., Inc.
Warsaw __________ ,varsaw Elevator Co _______ _ Wyoming County Bank & Trust Co.,
Warsaw, N. Y.
North Carolina:
Kew Bern ________ Mack L. Lupton, doing First Citizens Bank & Trust Co.,
business as Lupton Fish
New Bern, N. C.
& Oyster Co.
Thomasville ______ Maurice Mills Co __________ _ The First National Bank of Thomasville, Thomasville, N. C.
Ohio:
Bowling Green ___ R. W. Kirchner, doing The Bank of Wood County Co.,
business as Model Dairy.
Bowling Green. Ohio.
Cleveland __ _______ The Bender Body Co ____ __ _ The Lorain Street Bank, Cleveland,
Ohio.
Do_______ ____ The Ohio & Pennsylvania The National Cit.y Bank of Cleveland,
Cleveland, Ohio.
Coal Co.
Dayton_______ ____ The Duro Co ______________ _ The Third National Bank & Trust
Co. of Dayton, Dayton, Ohio.
Findlay __________ Dwight L. Stowell_ _____ ____ The Ohio Bank & Savings Co., Findlay, Ohio.
Portsmouth ___ ____ The Automotive Supply The Security Central National Bank
of Portsmouth, Portsmouth, Ohio.
Co.
Steubenville _____ The· Stanton Motor Co __ ___ _ The National Exchange Bank &
Trust Co. of Steubenville, Steubenville, Ohio.
Toledo ___________ A. E. Munz Coal & Supply The Toledo Trust Co., Toledo, Ohio __
Co. (a copartnership).
Wadsworth _______ Kernitex Products, Inc _____ _ The First National Bank of Wadsworth, Wadsworth. Ohio.
Youngstown ______ George Adie ______________ __ The Dollar Savings & Trust Co.,
Youngstown, Ohio.
Do ___________ Isadore Bernstein, doing _____ do _______________________________ _
business as Standard Dry
Goods Co.
Do ___________ _ Gibson Lumber Co ___ ____ _______ do _______________________________ _
Oklahoma:
Chandler ________ _ L. D. Taylor. doing business The Union N a t i o n a 1 B a n k o f
Chandler, Chandler. Okla.
as Old Taylor Honey Co.
Muskogee _______ _ Mayme Beutelspacber, do- The First National Bank & Trust Co.
of Muskogee, Muskogee, Okla.
ing business as Muskogee
Floral Co.

$10,000.00
375.00

4,000.00
600.00
1,406.~
2,500.00
1,875.00
73. 16

1,550.00
225. 96
33.33
800.00
1,441.25
l, 237. 50
807. 50

556.67
156. 25
24,000.00
2,762.56
1,360.00
105.00
137.50
187.50
80.00
100. 00
80.00

105. 00
83.34

103.53
f2.60

RECONSTRUCTION FINANCE CORPORATION, DECEl\fBER 1939

23

3.-Statement of loans, etc., authorized prior to Dec. 1, 1939, which were
withdrawn or canceled in part during Deceml>er 1.939-Continued
AUTHORIZATIONS TO BUSINESS ENTERPRISES-Continued
AGREEMENTS TO PURCHASE PARTICIPATIONS-Continued

'Location of borrower

Name of borrower

Name of participating bank or other
lending ins ti tu tion

- - - -----------

Amount of
Reconstruction Finance Corporation's
agreement
to participate withdrawn or
canceled

----------

Oklahoma-Con.
Norman __________ Norman Courts _____________ The Security National Bank of Norman, Norman, Okla.
Sapulpa__________ Harry L. Rogers, doing busi- National Bank of Tulsa, Tulsa, Okla __
ness as Rogers Bread Co.
Tulsa _____________ Mid-States Corporation _____ The Fourth National Bank of Tulsa,
Tulsa, Okh.
I
Oregon:
Astoria ___________ Butter-Nut Baking Co. Inc_ The United States National Bank of
Portland, Portland, Oreg.
Eugene __________ _ Lane County Abstract Co. The United States National Bank of
(a copartnership to be
Portland, Eugene, Oreg.
formed
ronsisting
of
Mabel F. Bell, Helen S.
Bell, and John B. Bell).
Grants Pass _____ _ The Jones Packing Co. (u The United States National Bank of
copartnership).
Portland, Portland, Ore~.
0Rk Grove __ . ___ _ Cranston Machinery Co., First State Bank of Milwaukie, Milwaukie, Oreg.
Inc.
Portland _________ _ Industrial Chrome Plating The United States National Bank of
Co.
Portland, Portland, Oreg.
Do __________ _ Norbert J. Ma.rim.an, doin~ Bank of Sell wood, Portland, Oreg ____ _
business as N. J. Mariman Boat & Machine
Works.
Do __________ _ Multnomah
Battery Man- The United States National Bank of
ufacturing
Co.
Porthmd, Portland, Oreg.
Do __________ _ Portland Canning Co., Inc., _____
do _______________________________ _
Portland, Oreg., organized to acquire the business and assets of Portland Canning Co. and
Forest Grove Canning Co.
Do ___________ _ The Steel Tank & Pipe Co. ____ .do _____________ . _____ _______ - __ _- of Oregon.
Roseburg ________ _ F. A. Hurd ________________ _ _____ do ________________________________ _
PennsyIvania:
.rlellevue __________ Robert HuglL _____________ _ Bellevue Savings & Trust Co., Beilevue, Pa.
Erie _____________ _ Reed Manufacturing Co __ __ Serurity-Peoples Trust Co., Erie, Pa _
Philadelphia _____ _ Axelrod-Beaccn Dental Lab- City National Bank of Philadelphia,
Philadelphia, Pa.
0!'atories, In<'.
Do ___________ _ John H. Simmons, trading Pennsylvania Co. for Insurance on
Lives and Granting Annuities,
as the Chromart Co.
Philadelphia, Pa.
Reading ___ . _____ _ Enos Sch era _______________ _ Berks County Trust Co., Reading, Pa_
Rox borough, A. G. Wilson, Jr., trading The Erie National Bank of PhiladelPhiladelphia.
phia, Philadelphia, Pa.
as Wilson Yarn Mills.
South Carolina:
Charleston __ _____ _ Molony Fertilizer Co ____ ___ The Citizens & Southern Bank of
South Carolina, Ch,irleston, S. C.
Do ___ _______ _ Southern States Lime Cor- The Hamilton National Bank of Knoxporation.
ville, Knoxville, Tenn.
Columbia ________ _ C,'llumbia Lumber & Manu- The Citizens & Southern Bank of
facturing Co.
South Carolina, Columbia, S. C.
Latta ___________ _ D. M. Dew, Sr., and D. M. The South Carolina National Bank of
Charleston, Columbia, S. C.
Dew, Jr. (a copartnership), doing business as
D. M. Dew & Son.
Manning ________ _ H. D. Dobson _____________ _ Columbia Brnnc]] of the South (;::irolina National Bank of Charleston,
Columbhl. S. C.
South Dakota:
Mitchell__________ The Erion Packing Co ____ __ The Mitchell National Bank, Mitchell, S. Dak.
Sioux Falls _______ Delhert \Vheeler ____ _______ _\ The McCook County National Bank
of Salem, Salem, S. Dak.

$642. 19
800.00
83. 73

266.66
400.00

91. 50

492. 79

40.00
37. 50

78.02
24,522. 00

53~. OS
400. 24

84. 7i
800.00
l 50. 00

282. 16
100 00

R0.00
1,200.00
640. 00
400. OU
375. 00

430. 25

125. 00
6i,5. 00

24

RECONSTRUCTION FINANCE CORPORATION, DECEMBER 1939

TABLE

3.-Statement of loans, etc., authorized prior to Dec. 1, 1939, which were
withdrawn or canceled in part during December 1939-Continued
AUTHORIZATIONS TO BUSINESS ENTERPRISES-Continued
AGREEMENTS TO PURCHASE p ARTICIPA TI0Ns-Continued

Location of borrower

Name of borrower

Name of participating bank or other
lending institution

Tennessee:
Chattanooga _____ _ L. E. Boone, Jr., doing busi- The H amilton National Bank of
ness as Pioneer Hosiery
Chattanooga, Chattanooga, Tenn.
Mills.
Do __ ____ _____ _ Cameron & Barr Baking _____ do ______ _______________________ ___ _
Co., Inc.
Do __ _______ ___ Chattanooga Sash & Mill- ___ __ do ___ _---------------------- ---- - work Co.
Do _______ __ __ _ _____ do _____ ___ ______ ____________ __do __ ____ ___ _______________________ _
Do ____ _____ __ _ Clemons Bros. Co __ ______ ___ American Trust & Banking Co.,
Chattanooga, Tenn.
Do ______ ____ __ Galyon-Smith Co. (a part- The Hamilton National Bank of
nership consisting of John
Chattanoo2:a, Chattanooga, Tenn.
R. Galyon and H arry P.
Smith ).
Do ___________ _ Hibbler-Barnes Co _____ ___ __ __ ___do ____ _______ __ __ __ ___ _____ __ ______
Do __ _________ _ Jones Machine & Foundry _____ do ______ _____ ________ ____ __ __ ___ ___
Co. , Inc.
Do _________ ___ Polk Bros. Lumber Co. (a ___ __do _________ __ ______ ____ ______ ____ __
· copartnership).
Do ____ _______ _ Samuel Stamping & Enam- ___ __ do _____ __ _____ _________ ___ ____ ____ _
eling Co.
Knoxville ____ ___ __ Holston Manufacturing Co_ Park N ational Bank of Knoxville,
Knoxville, Tenn.
lvfemphis ______ __. William Harrison Adams, Union Planters National Bank &
Trust Co. of Memphis, Memphis,
doing business as Adams
Printing & Stationery Co.
Tenn.
Do ____ _______ Columbia Package Co., Inc _ Manhattan Branch of the Union
Planters N ationaJ Bank & Trust
Co. of Memphis, Memphis, Tenn.
Do ___________ H arris Stave & Lumber Co _ _____ do ______ __ _____ _______ __ ____ _____ _
Do ___ _______ _ Nat ional Produce Co _______ National Bank of Commerce in Memphis, Memphis, Tenn.
Do ___ _____ __ _ Conley H. Sanford ____ ______ Union Planters National Bank &
Trust Co. of Memphis, Memphis,
Tenn.
Do __ ______ ___ Scott-Kelly Furniture Co., ___ __do ___ __ ___ __ ____________________ __
Inc.
Murfreesboro ___ __ Sunshine Hoisery Mills ___ __ The Hamilton National Bank of
Chattanooga, Chattanooga, Tenn.
Nashville _______ __ Ingram Spinning Co. (a cor- The American National Bank of
Nashville. Nashville, Tenn.
poration to be formed).
Rockwood__ __ ____ Rockwood Mills _____ ____ __ _ The Hamilton National Bank of
Knoxville, Knoxville, Tenn.
T exas:
Avinger ___ ____ ___ John M. Lingold, doing The Marshall National Bank, Marshall, T ex.
business as Jno. Lingold
Lumber Co.
Bay City _______ __ S. E . Doughtie, doing busi- The First National Bank of Bay City,
Bay City, Tex.
ness as the People's
Laundry.
Do ________ ___ Southwest Dairy Products Hutchings-Sealy National Bank of
Galveston, Galveston, Tex.
Co.
Dallas ______ ___ ___ Texas Textile Mills _______ __ Mercantile National Bank at Dallas,
Dallas. Tex.
Do _____ __ ____ Trinity Paper Box Co ___ ___ ____ _do ___ ___ __ __ __ __ ____________ _____ _
El Paso ____ __ __ ___ Alemite Co. of El Paso ___ ___ The State National Bank of El Paso,
El Paso, Tex.
Do __________ _ Elite Laundry Co __ ___ ___ ___ El Paso National Bank, El Paso, Tex.
Do ______ __ ____ El Paso Machine Works (a __ ___ do __________ ____ _____ _____________ _
copartnership consisting of
W. H ., E. A., and Helen
Orme-Johnson).
Do __ __ ______ __ Tom Magges, doing business _____ do ___________ _____________________ _
as Texas Produce Co.
Do ____ ________ Midwest Dairies, Inc ____ ___ _____ do ____ __ ___ ____ ______ ___ __ ___ _____ _
Do ____ ____ _________ do ___________ ____ _______ _ The State National Bank of El Paso,
El Paso. Tex.
Fort w·orth ___ __ __ The H . C. Meacham Co____ El Paso National Bank, El Paso, Tex __

Amount of
Reconstruction Finance Corporation's
agreement
to participate withdrawn or
canceled

$52.51
160.00
2,222. 22
480.00
2,000.00
80.00

880. 20
160.00
225. 00
6.562.50
21,875.00
328.25
82.50
562.50
450.00
75.00
315. 00
1,500.00
17,500.00
7,500.00
480.00
1,100.00
500.00
3, 000.00
135.03
120.00
200.00
112. 50

300.00
546.93
230.00
225.00

RECONSTRUCTION FINANCE CORPORATION, DECEl\lBER 1939
TABLE

25

3.-Statement of loans, etc., authorized prior to Dec. 1, 1939, which were
withdrawn or canceled in part during December 1939-Continued
· AUTHORIZATIONS TO BUSINESS ENTERPRISES-Continued
AGREEMENTS

Location of borrower

TO

PURCHASE PARTICIPATIONS-Continued

Name of borrower

Name of p,;irticipating bank or other
lending institution

Texas-Continued.
Hereford __________ Fraser Milling Co_ .________ _ The First National Bank of Amarillo,
Amarillo, Tex.
Houston _________ _ A corporation to be organ- First National Bank in Houston,
ized to acquire the busiHouston, Tex.
ness assets of George V.
Tolbert, doing business as
Orange Crush Bottling
Co.
Do ___________ _ The A-1 Bit Co __________________ do---------------------- -- -------Memphis ________ _ Farmers Union Supply Co __ First State Bank, Memphis, Tex _____ _
Midland _________ _ J. 0. Vance, doing business The First National Bank of Midland.
as Vance Auto Supply Co.
Midland, Tex.
·
Natalia __________ _ Medina Irrigated Farms, National Bank of Commerce of San
Inr.
Antonio, San Antonio, Tex.
Silsbee ___________ _ Silsbee Dry Goods Co., Inc __ Silsbee State Bank. Silsbee, Tex ______ _
Temple. _________ _ American Desk Manufac- First National Bank of 'l'emple,
turing Co.
Temple, Tex.
Utah: Clearfield _____ _ Woods Cross Canning Co ___ The First National Bank of Salt Lake
City, Salt Lake City, Utah.
Virginia:
Clifton Forge ____ _ Mrs. E. L. Stratton, doing The Mountain National Bank of
Clifton Forge, Clifton Forge, Va.
business as Clifton Forge
Steam Laundry.
Front RoyaL ____ _ Old Virginia Packing Co., The Seaboard Citizens National Bank
Inc.
of Norfolk, Norfolk, Va.
Hampton ________ _ J. J. Lawson, R. C. Lawson, The Merchants' National Bank of
Hampton, Hampton, Va.
and H. M. Lawson (copartners).
Marion __________ _ Virginia-Lincoln Furniture The Central National Bank of Richmond, Richmond, Va.
. Corporation.
Riverton _________ _ Riverton Lime & Stone Co., The Shenandoah National Bank of
Winchester, Winchester, Va.
Inc.
West Point ______ _ York Supply Co., Inc ______ _ Citizens & Farmers Bank, West
Point, Va.
Washington:
Aberdeen ________ _ Victor Fosburg, doing busi- Grays Harbor Branch, the National
Bank of Commerce of Seattle, Aberness as Reliable Blacksmith Shop.
deen, vVash.
Auburn __________ _ Auburn Dairy Products, Auburn branch, National Bank of
'\Vashington, Tacoma, vVash.
Inc.
Brewster _________ _ .Anton .Andersen ___________ _ The First National Bank of Brewster,
Brewster, \Vash.
Do ___________ _ Okanogan-Douglas Credit Seattle-First National Bank, Seattle,
Corporation.
Wash.
Chelan __________ _ Chelan Valley Credit Cor- _____ do ________________________________ _
poration.
Cle Elum ________ _ M. C. Miller Lumber Co., Cle Elum State Bank, Cle Elum,
Wash.
Inc.
Dryden __________ _ Dryden Credit Corporation _ Cashmere Valley Bank, Cashmere,
\Vash.
Ellensburg ________ Comstock Arvidson Co ____ _ The Washington National Bank of
Ellensburg, Ellensburg, Wash.
Do ____________ Harold Hooper, Inc ________ _ ____ do ____ . ______________ _ -------- - -Everett ___________ W. L. Konizeski, doing busi- Peoples National Bank of Washington,
in Seattle, Seattl<', Wnsh.
ness as Sound Foundrv Co.
Omak____________ Omak Crcctit Corporation __ _ Seattle- First National Bank, SC'attle,
Wash.
Port Angeles ______ Epperson & Sons, Inc __ ____ _ First National Bank in Port Angeles,
Port Angeles, Wa-;h.
Raymond. ___ . ____ Will a pa Harbor Motor Co __ Seattle-First National Bank (Raymond branch), Ra,;rnrmd, vVnsh.
Ritzville __________ IT. R. Kastle, doing business The Old National Bank & Union
Trust Co of Spokane, Spokane,
as Ritzville Creamery.
\Vash.
Seattle____________ Arctic Ice Co. (a copartner- Greenwood branch of Seattle First
sbip).
National Bank, Seattle, Wash.
Do ____________ Bergoust-Wilson Co ________ _ The National Bank of Commerce of
Seattle. Seattle, Wac;h.

Amount of
Reconstruction Finane Corporation's
agreement
to participate withdrawn or
canceled

$622.08
50.01)

260.00
359.47
67.32
2,655.74
50.00
425.00
2,169.00
60.00
450.00
118. 21
1,200.00
3,700.00
141. 82

64.09
97.66
36.00
6,319.63
3,516.61
138.87
926.28
375.00
73. 97

30.00
14,227.32
2U7. 5r3
81. 78
7fi. 62

83. 33
95.00

26

RECONSTRUCTION FINANCE CORPORATION, DECEMBER 1939

TABLE

3.-Statement of loans, etc., authorized prior to Dec. 1, 1939, which were
withdrawn or canceled in part during December 1939-Continued
AUTHORIZATIONS TO BUSINESS ENTERPRISES-Continued
AGREEMENTS

Location of borrower

TO

PURCHASE p ARTICIPATIONs-Continued

Name of borrower

Name of participating bank or other
lending institution

Amountof
Reconstruction Finance Corporation's
agreement
to participate withdrawn or
canceled

Washington-Con.
Seattle ____________ Colotyle Corporation ________ PeoplP's National Bank of Washing$116. 77
ton in Seattle, Seattle, ,vash.
Do ____________ Commercial Boiler Works___ The Pacific National Bank of Seattle,
1,850.00
Seattle, Wash.
Do ____________ Edwin James, Inc ______ ___ __ The Fniversity National Bank of
160.00
Seattle, Seattle, "Tash.
Do ____________ Ostrom Mushroom Co _____ ___ ___ do ___________________ ______ ______ _
40.00
Sedro Woolley __ __ Hardwood Products Corpo- Lyman State Bank, Lyman, Wash ___ _
186.66
ration.
South Bellingham. Pacific American Fisheries. Seatt,e-First National Bank, Seattle, 1,312,500.00
Inc.
Wash.
South Bend __ _____ Willapa Harbor Iron Works, Seattle-First National Bank (South
160.00
Inc.
Bend hranch), South Bend, Wash.
Tacoma ________ ___ C. S. Barlow & Sons, Inc __ _ National Bank of Washington, Ta447. 13
coma, Wash.
Do ___________ _ Nelson Boiler & Tank Co., The Puget Sound National Bank of
76.50
Inc.
Tacoma, Tacoma, "\\7ash.
Do __ ______ ___ _ Gunnar Wingard, doing National Bank of Washington,
300.00
business as B. ·wingard &
Tacoma, Wash.
Sons.
Vancouver _______ _ R. A. Stevenson, doing The Washington National Bank of
278.03
business as Clark County
Vancouver, Vancouver, Wash.
Lumber Co.
Wenatchee __ _____ _ Fruit Growers Credit Cor- Seattle-First National Bank, Seattle,
25,965.35
Wash.
poration.
2,815.52
Do ____ ------ -- Independent Credit Cor- _____ do------ -------------------------poration.
Do _______ __--- Skookum Finance Associa- _____ do _____ ---------------------------41,719.96
tion, Inc.
Do ________ __ __ Wenatchee Fruit Credit _____ do ___________________ -------------36,459.72
Corporation.
Yakima __________ _ Yakima Credit Corporation_ The National Bank of Commerce of
11,173.74
Seattle, Seattle, Wash.
West Virginia:
Bluefield __________ Warlick Furniture Store, The First National Bank of Bluefield,
90.00
Bluefield, W. Va.
Inc.
6,750.00
Halltown __ _______ Halltown Paper Board Co __ State-Planters Bank & Trust Co.,
Richmond, Va.
Parsons ___________ Dorman Mills _______ __ ____ _ The Tucker County Bank of Parsons,
565.81
Parsons, W. Va.
\Visconsin:
Oshkosh __________ Wisconsin Co-operative Milk First Wisconsin National Bank of
145.28
Milwaukee, Milwaukee, Wis.
Pool.
160.00
St. Croix Falls____ Helen T. Donalds, guardian The First National Bank of St. Croix
Falls, St. Croix Falls, Wis.
of the estate of George H.
Thompson, incompetent,
doing business as Thompson Department Store.
170.00
Superior__________ Northern Supply & Fuel Co. The Union National Bank of Superior,
Superior, Wis.
Do ___ ___ _____ Union Sash & Door Co _____ _ ____ _do ____ _____ ___________ ___________ _
325.81
277.77
West Bend ___ "___ West Bend Woolen Mills The First National Bank of West
Bend, w·est Bend, Wis.
Co.
"·yarning:
Casper _______ __ ___ Casper Brewing Co _______ __ The Casper National Bank, Casper,
246.50
Wyo.
Do _____________ __ Wyoming Milling Co _____ ___ ____ do ______ _________________________ _
182.67
Total, agreements to purchase participations under sec. 5d, as amended _________________ 2,032,829.17

RECONSTRUCTION FINANCE CORPORATION, DECE1\1BER 1939
TABLE

27

3.-Staternent of loans, etc., authorized prior to Dec. 1, 1939, which were
withdrawn or canceled in part during December 1939-Continued
AUTH ORIZA TIO NS TO BUSINESS ENTERPRISES-Continued
AGREEMENTS TO PURCHASE PARTif'JPATIONS IN LOANS AUTHORIZED

BE SOLD

Amount of
Reconstruction
Finance
Corporation's
agreement
withdrawn
or canceled

Loan sold to-

Name of borrower

.Locat.ion of borrower

To

Colorado: Denver ____ Vtl inter-,v eiss Co __________ _ The American National Bank of Den-

ver, Denver, Colo.
Minnesota: Detroit Detroit Lakes Gas Corpora- Becker County National Bank of
Detroit Lakes, Detroit Lakes, Minn .
Lakes.
tion.
Tex~: Dallas __ ____ __ _ Mosher Steel Co __ _____ __ __ Mercantile National Bank of Dallas,
Dallas, Tex.
Total, agreements to purchase participations in loans authorized to be sold under sec.

$146.00
6,375.00
10,500.00
17,021.00

5d, as amended.

SALES OF PARTIC'JPATlONS

Location of borrower (State and
city)

Name of borrower

Amount
of Reconstruction
.I
Finance
Amount
Corpo- I Sale of participation
! withdrawn ration's .
authoriZf~d toI or canceled part.icipa- I
tion with,
drawn or i
canceled I

Amount
of sale
authorized
which
was withdrawn or
canceled

1

- - - - - - - - 1 - - - - - - - - -:- - - - - ______ !_ _ _ _ _ _ _ _ _ _ - - - - 1

1

$1, ooo. oo i

Georgia: Lavonia __ R. 0. Tribble, doing
business as Lavonia
Furniture Co.
New York: New Seymour Hurwitt and
York.
Samuel Rothman,
doing business as
Conroe Press.

, 500. 00

l

$800. oo

I Bank of Toccoa, Toc-

$200.00

375. 00 , The Merchants Bank

125.00

1,175. 00 ,----------------------- -

:325. 00

i

coa, Ga.

of New York, New
York, N. Y.

I

Total, sales of participations under
sec. 5d, as amended.

1,500.00

1

1

LOANS ON THE ASSETS OF CLOSED BANKS
[Under sec. 5e of the Reconstruction Finance Corporation Act, as amended]

State and city

Name

South Carolina: Charleston__ Socarnat Bank Corporation _________ ____ ___ _________ ______ __
Washington: Sedro ·woolley_ Bingham Investment Co., trustee of certain assets of C. E .
Bingham & Co.
Total, loans on the assets of closed banks __ ... _. ___ ... __ .. _._. ______ ____ _. ____ ____ ___ .

See footnotes at end of t1-1ble.

Amount withdrawn or
canceled
$62,817.58
14, 313. 31
77,130.89

28

RECONSr.rRUCTION FINANCE CORPORATION, DECEl\fBER 1939

TABLE

3.-Statement of loans, etc., authorized prior to Dec. 1, 1939, which were
withdrawn or canceled in part during December 1939-Continued

LOANS TO DRAINAGE, LEVEE, IRRIGATION, AND SIMILAR DISTRICTS
[Under sec. 36 of the Emergency Farm Mortgage Act of 1933, as amended]
Amount withdrawn or
canceled

State

Name

Arkansas ________
Florida __________
Do __________
Do __________
Idaho ___________
Illinois __________
Do __________
Do __________
Do __________

Salt Bayou drainage district in Jefferson and Arkansas Counties, Ark. __
Iona drainage district ___________________________________________________
The Lake Worth drainage district, Palm Beach County, Fla ____________
North St. Lucie River drainage district__-------------------------------Drainage district No. 2 of the county of Boundary, in the State of Idaho __
Eldred drainage and levee district of Greene County, Ill ________________
Henderson County drainage district No. 1 of Henderson County, IIL ___
Henderson County drainage district No. 2 of Henderson County, Ill ____
The Hunt drainage district, of Hancock County, in the State of Illinois __

$1,000.00
19,936.53
I 12,246.52
I 11,500.00
I 65. 75
1,500.00
3,500.00
3,500.00
.4, 500. 00

Total, loans to drainage, levee, irrigation, and similar districts ________________________

47,748.80

Grand total, table 3 __________________________________________________________________

2,544,501. 74

1 Loan previously authorized was rescinded in part a~ shown above, and new loan authorized as shown in
table 1.
2 Sale of participation previously authorized was rescinded in part as shown above, and new sale of participation authorized as shown in table 1.

TABLE

4.-Statement of cash receipts and expenditures during December 1939
(Corporation's accounts with Treasurer of United States)

Cash balance at the close of business Nov. 30, 1939, as per the books of the treasurer of the
Corporation ___________________________________________________________________________ _
Add: Checks issued prior to Dec. 1, 1939. canceled during the month of
$2,880.68
Decen1ber 1939__________________________________________________________
Add: Correction of errors reported to the Treasurer subsequent to NoY.
30, 1939_________________________________________________________________
150,342.11

$6,527,229.68

153,222.79

Adjusted cash balance a,t the close of business Nov. 30, 1939 _______________________________ _
Receipts:
Sale of notes __________________________________________________________ $13,300,000.00
Repayments on loans:
To banks and trust companies (including receivers)_ $1,061,570. 58
To credit unions____________________________________
109. 00
To building and loan associations (including receivers)___________________________________________
21, 740. 13
'f o insurance com panics_ ___________________________
54. fi95. 52
To joint-stock land hirnks___________________________
49,950.11
To mortgage loan compimies ________________________ 1, 73-5, 127. 03
To agricultural credit corporations__________________
32 49
To railroads_ _______________________________________
429, 883. 22
To fishing industry_________________________________
19. 840. 08
To business enterprises _____________________________ 1,679,079.81
On assets of closed banks __ .________________________
40,513.47
For self-liquidating projects (p,ir $17,287.700) ________ 16, 460, 379. 00
For repair or reconstruction of property damaged by
earthquRke, etc.:
656.84
Under sec. 201-a, act of July 21, 1932. as amended_
Under act of Apr. 13, 1934, as amendrd:
5,788.36
Tndustrial and commercial business _____ ~. __
Other ______________________________________ _
6,969.65
For financing sale of agricultural surpluses in foreign
markets __________________________________________ _
16, 1-'~0. 46
To drainage, levee, and irri<l:ation districts __________ _
73,'167.05
Secured by preferred stork-banks and trust companies ___________________________________________ _
38,724.12
21,691,706.92
947,239.01
Preferred stock. capital note and detenture retirements_ - - - -- -- -- -- - - -3,376.17
Preferred stock installment sales contracts ________ -- - - - - - - -- - - - - - - -- -7,713,293.62
Sale of securities purchased from Public Works Administration __ - _- - .
Funds of other governmental agencies:
239,562.30
Disaster Loan Corporation _________ - - - - - -- - - -- - - - - - - - - - - - - -- - - -- - Commodity Credit Corporation __ -------------------------------- 11,997,015.91
1, 542, 911. 44
Federal National Mortgarn Association __________________ - - _- -- --4, 484, 011. 07
Interest and discount collected __________________ --- ---- --- ---- --- --- - Dividends collected on preferred stock purchased (including interest
on interim receipts) ________________________________________________ _
31,554.42
63,543.02
Interest collected on capital notes and debentures ____________________ _
366. 78
Accrued interest on notes sold _______________ - __ - -- - -- - -- - -- - - -- - - -- - Premium on sale of securities purchased from other governmental
agencies ____________________________________________________________ _
565,761.83
Interest, to date of purchase, on securities purchased from other governmental agencies _________________________________________________ _
2,951.59
151,237.59
Reimbursable expense collected ________________ - __ - --- - -- - - --- -- -- - - - -

6,680,452.47

RECONSTRUCTION FINANCE CORPORATION, DECE~IBER 1939

29

4.-Statement of cash receipts and expenditures during December 193,9
(Corporation's accounts with Treasurer of United States)-Continued

TABLE

Receipts-Continued.
Repayments on advances for care and preservation of collateral _____ __
Liquidation of assets acquired through foreclosure and settlements ___ _
· .Premium on securities sold ____ ______ _____ ______ __________ . __________ _
Remittances held in suspense _____ _______ __ ____ ________________ ______ _
Unallocated, pending ad vices _______ __ ________ __ ___________ ______ _____
Miscellaneous (including amounts credited in error) ______ ____ ____ ___ _

$194,869. 78
281,418. 49
450, 681.00
3,561,962.57
5,768,535.82
58,169.73
$73, 053,189.06

Expenditures:
Retire·ment of notes _____ ____ __ _. ______________________ _
Loan disbursements:
To banks.and trust companies (including receivers) __
.To mortgage loan companies ____ ______ __ __ __ ___ ____ _
To railroads ___ _____ ______ _______ _______ _____ ______ _
To business enterprises_ __________________________ _
To mining, milling, and smelting business __ _______ _
On assets of closed banks ____ ____ ______ ________ _, ___
For self-liquidating projects (par $2,910,000) ______ ___
For financing sale of agricultural surpluses in foreign
markets __ ____________ ____ ____ ___ __________ _____ ___
To drainage, levee, and irrigation districts ___ __ ____ _
To public-school authorities _____ _____ ____ ___ __ ___ ___

79, 733, 641. 53

______ ______ _

14,000,000. 00

$914,223.62
6,254,542.35
4,908,000.00
3,121,566. 21
133,600. 00
857,682. 42
2, 910, 000. 00
58, llO. 00
425,655.42
49,500.00

Purchases of preferred stock and debentures-banks and trust com-

panies __ ________ . _________ ____ ______ ___ __ ____ ______ ________ __ ______ _
Purchases of securities from Public Works Administration _____ ____ ___
Payme~~ to Public Works Administration of premium from sales of
secur1t1es __________________________ ___ ___ _____ ___ ___ __ ______ ______ _
Withdrawal of funds by other Governmental agencies:
The RFC Mortgage Company _____ _____ ____ ____ ____________ __ ___ _
Disaster Loan Corporation ___ _____ ______ ______ . __ __________ __ ____ _
Export-Import Bank of Washington ________ _____ __________ _____._
Commodity Credit Corporation ____ __ __ ____ _____ ___ _____ ________ _
Federal National Mortgage Association _____ ___ _____ ____ __ ____ ___
Withdrawal of cash collateral by borrowers ___ _________ _____ ___ ___ ____
Allocations:
. To -F ederal Rousing Administrator_ ______________ _ $1, 000, 000. 00
For expenses, regional agricultural credit corporations
73,500.00
Advances for care and preservation of collateral ___ __ . ___ ___ __ ____ _____
.AdvanC'es for ca.re and preservation and expenses on assets acquired
through foreclosure and settlements ________ ______ ______ __ ___ _______ _
Advances for care and preservation of securities purchased from Public Works Administration __ ________ __ ___ __ _______ ___ ____ __ _____ _.. __ _
E~pens~ of servicing securities purcha,sed from Public Works Admin1stra t10n. _ _________ . __ . _ _ _ _ . ________________ ___________ _ ___ _
Refund of interest and dividend overpayments ____ __________ __ _______
Release off unds held in suspense _____ _________________ ___ ____ ____ ____
Interest on notes . .__ ________ _____________ ___________ _____ __ ___ __ ___ __ _
Accrued interest on securities purchased ________ ____ ______ _________ ___
Furniture and fixtures __ __ _________________________ ___ ___ _. _______ __ __ _
Expense:
General _________________ ______ __ ___ _________ __ ____ . ____ ____ ____ _. _
Loan agency _____________ ________________ ___ __ ___ _________ _____ __ _
Custodian ________________ ________ _____ ___ __ ______ __ ___ _______ __ __
Reimbursable expense ________________ ______ _______ _____ _____________ _
Miscellaneous (including refunds and adjustments for amounts credited
in error) __________________________ __ _____ __ ___ _______ ________ ______ _

19,632,880. 02
1, llO, 500. 00
1,243,720.00
3,150,000. 00
5,000.00
448,464. 63
1,400,000. 00
20,796,093.81
1,804,557.52
4,902,000.00

l, 073, 500. 00

109,650.53
66,052.89
14, 697.33
16,191.80
130,251.32
5,560,502.81
3,858.70
,52, 310. 17
5, 243.15
411,199.86
473, 284. 32
123, 493. 48
144,770.71
845,414. 26

Cash balance at the close of business Dec. 31, 1939 __. __ ___ __ _____ _______ __ _______ ___

77,:'i23,637.31
2,210,004.22

N0TE.-In addition to funds on deposit with the Treasurer of the United States, custodian banks and

trustees held in Suspense funds which amounted to $.579,140.68 at the close of husiness Nov. 30, 1939, and
$179,827.31 at the close of business Dec. 31, 1939.
TABLE

Cash:

5.-Statement of condition as of the clo.'M of business Dec. 31, 1939
ASSETS

G.eneral account_ _____________ ________ __ ___ ________ _____________ ____
Expense account_ _________ ___ ________ __ ______ _______ ___ ____ ___ . . __- Held by custodian banks and trustees ______ _________ _·_____ _____ __ __
Petty and other _________________ __ ___ ___ _____ _______ ___ __ ____ ____ __

$2,147,280. 17
62,724. 05
779. 827.31
418, 881. 27

$3,408,712.80
U. S. Government securities (par) ______ ____________ ~-- ______ __ _____ _______ __ _______ - __ _
48,148,600.00
Loans ____________ ______ ______________________________ ____ _____________ ____________ ___ __ 1,186,681 , 377.35
Preferred stock, capital notes, and debentures:
Banks and trust companies _________________ __________ ______ _____ . __ $533,572, 711. 59
Insurance company _______________________________ ________________ . 100,000.00
Installment sales contrarts ________________________________ __ _. _- __ -.
45,401. 50
533, 718, 113. 09

30

RECONSTRUCTION FINANCE CORPORATION, DECEl\IBER 1939

TABLE

5.-Statement of condition as of the close of business Dec. 31, 1939-Con. ·

ASSETS-Continued
Capital stock:
The RFC Mortgage Company _____________________________________
Federal National Mortgage Association_____________________________

$25,000,000.00
11, 000, 000. 00

Securities purchased from Public Works Administration _______ . ______________________ _
Notes and accounts receivable _________________________________________________________ _
Advances for care and preservation of collateral, etc ____________________________________ _
Property acquired in foreclosures and settlements (original cost, advances
for care and preservation, and expense)_______________________________ $38,170,200.67
Less proceeds of liquidation and income__________ ______________________ 12, 027, 293. 52
Accrued interest and dividends receivable _____________________________________________ _
Reimbursable expense ______________ ____________________________ _______________________ _
Furniture and fixtures (less depreciation)_ _____________________________________________ _
Other __________________________________________________________________________________ _

$36,000,000.00

120,807,805.6S
443,374.71
1, ,517, 113. 76

26, 142;907. 15
27,571,820.84
1, 557, 596. 51

503,276.29
2,014,970.70

Total_ -- -- -- - - - - - - -- - _-- -- __ _- - - - ___ - _____________________________________________ 1, 988, 515, 668. 88
LIABILITIES
Notes (series N, P, Q, R, and S) _________________ ___________________ ___________________ _ 1,106,955,445.50
Liability for funds held:
Cash collateral. _______________________________ ._____________________ $37,492,827.31
For other governmental agencies____________________________________ 27, 288, 977. 00
64,781,804.31
5, 768,791.47
13, 474, 301. 15
42,590.00
5,456.42
4,473.682. 79
23,626,346.01
500,000,000.00
269, 387, 261. 23

Total ___ . ____________ __ ____________ _. _. ___________________________________________ 1, 988, 515, 668. 88
MEMORANDUM
Undisbursed authorizations and conditional agreements to make loans, purchase preferrrrl stock, capital notes and debentures, etc. (including $16,316,603,61 agreed participation by third parties) ___ ___________________________________________________________ _
Undisbursed allocations to othn governmental ae:encies (includinr: advances under 1933
Relief Act) 1 . ________ _ ______ _ _________________________________ __ ______________________ _
Undisbursed authorizations for advances for care and preservation of collateral, etc _____ _
Total ____________________________________________________________________________ _

650,830,440.28
39,995, 93L 36
605,355.73

691,431,727.37
1 Under the provisions of sec. 3 (a) of an act approved June 16, 1934 (Public, No. 362, 73d Cong.), theCorporation is rl'quired to purchase debentures or other oblilrntions of the Federal Deposit Insurance Corporation, upon its request, up to hut not exceeding $250,000,000. The Corporation has not been called upon.
to purchase any such ohli~ations.
Under the provisions of sec. 4 of the National Housing Act the Corporation has disbursed $77,546,074.55,.
and is further authorized and directed to makP av·lilable such funds as the Federal Housing Administratormay deem necessary.
Under the provi~ions of Public, No. 5, of the ifith Cong., as amended Mar. 4, 1939, the Corporation is
required to purchase nonassrs~able capital stock of the Disaster Loan Corporation, upon its request, up
to bu~ not exceeding $40,000,000. The Corporation has purchased such stock to the extent of $22,0)0,000.
Under the provisions of sec. 201 (e) of the Emergency Relief and Construction Act of 1932, and sec..33 (b)
of the Farm Credit Act of 1937, the Corporation is required to pay all expenses incurred by the regional
agricultural credit corporations. The Corporation has allocated $17,722,475.51 for such expenses. Of this.
amount $17,'227,478.43 has been disbursed and $494,997.08 remains available for disbursement for expenses
incurred up to June 30, 1940.
Pursuant to sec. 84 of the Farm Credit Act of 1933, as amended, $39,500,000 is held in a.revolving fund, or
which $37,000,000 is held by the Corporation and the balance of $2,500,000 by the U.S. Treasury.
Under the provisions of an act approved Feb. 24, 1938 (Public, No. 432, 75th Cong.), the Secretary ot
the Treasury has canceled the Corporation's notes in the amount of $2,720,243,677.07. This sum is equiva-·
lent to the amounts disbursed by the Corporation as allocations to other governmental agencies and for
rdief, by direction of Congress, administrative expense in connection therewith, and the interest paid on
funds borrowed for these purposes. All evidences of indebtedness with respect to such advances have beendelivered to the Secretary of the Treasury.
This statement of condition does not take into consideration expenditures incurred but not paid by theCorporation at the close of business Dec. 31, 1939.

0

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